Items 1 and 2 are based on the following information for Oak City for the calendar year 2005:

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Collections during 2005

$500,000

Expected collections during the first sixty days of 2006

100,000

Expected collections during the balance of 2006

60,000

Expected collections during January 2008

30,000

Estimated to be uncollectible

10,000

Total levy

$700,000

What amount should Oak City report for 2005 property tax revenues in the Statement of Revenues, Expenditures, and Changes in Fund Balances prepared for governmental funds?

  1. $700,000
  2. $690,000
  3. $600,000
  4. $500,000

What amount should Oak City report for 2005 property tax revenues in the government-wide Statement of Activities?

  1. $700,000
  2. $690,000
  3. $600,000
  4. $500,000