ACC$407-$ Exam $3-$ Fall$202421)$ The City of Rivereide levied preperty tues in the amount of $20,000,000.$ The taxes were levied July $1,2023$ foe the flocal year ended June $30,202$k$.$ During the yeur ended June $30,2024,17,800,000$ in propory tores were collected from this levy. It in estimated that $940,000$ will be cellected during the next $50$ days, $$1,050,000$ will be colleeted more than $60$ days after June $30,2024,$ and $$210,000$ will never be colleeted When preparing the General Pand Financial satements, how much property ta revenue should he recognized from this levy for the year ended June $30,20247$ A$)$ $$18,550,000$ B$)518,740,000$ C$)$ $$19,790,000$ D$)$ $$20,000,00022)$ A donated collection is not required to be capitalized. If a government decides not to capitalize them, how will they be accounted for at the time of the donation? A$)$ Debit revenue, crodit expense or expenditure B$)$ Debit collections, credit revenue C$)$ Debit expense or expenditure, credit revenue D$)$ Debit collections, credit cash $23)$ For the depreciation of infrastructure: A$)$ governments can choose to expense expenditures that extend the life of infrastructure assets in lieu of depreciation. B$)$ governments are required to record depreciation in the same manner as other depreciable fixed assets. C$)$ governments are required to record depreciation using a modified approach. D$)$ governments do not record depreciation for infrastructure. $24)$ To qualify as a collection, a donated or purchased item must be: A$)$ held for public exhibition, education, or research to further public service. B$)$ protected, kept unencumbered, cared for, and preserved. C$)$ subject to an organizational policy that requires the proceeds from sales of collection items to be used to acquire other collectibles. D$)$ All conditions must be met. vernment$-$wide statements are prepared using the modified accrual basis; therefore, ernmental Fund$-$basis statements need to be adjusted from their original accrual h $)$ true B$)$ false