A city has formalized tax liens of $50,000 against a property that is subject to delinquent taxes
Question:
A city has formalized tax liens of $50,000 against a property that is subject to delinquent taxes receivable. The estimated salable value of the property is $39,000. The remaining total balances in Property Taxes Receivable-Delinquent and the related allowance are $113,000 and $28,000, respectively. What amount should be reclassified from allowance for uncollectible delinquent taxes to allowance for uncollectible tax liens?
a. $0
b. $11,000
c. $28,000
d. $8,589
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Step by Step Answer:
First compute the recoverable amount in Property Taxes ReceivableDelinquent by adding the current al...View the full answer
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Related Book For 
Governmental And Nonprofit Accounting Theory And Practice
ISBN: 9780132552721
9th Edition
Authors: Robert J Freeman, Craig D Shoulders, Gregory S Allison, Terry K Patton, Robert Smith,
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