Note: Question 32 is a Kaplan CPA Review Question) Pine City's year end is June 30. Pine levies property taxes in January of each year for the calendar year. One-half of the levy is due in May and one-half is due in October. Property tax revenue is budgeted for the perlod in which payment is due. The following information pertains to Pine's property taxes for the period from July 1, 20x4, to June 30, 20x5: Calendar Year 20X4 $2,000,000 20X5 $2,400,000 Levy Collected in: 1100,000 60,000 May July October December 950,000 50,000 920,000 80,000 ected in August 20x5. what amount should Pine recognize for The $40,000 balance due for the May 20X5 installments was expected to be coll property tax revenue for the year ended June 30, 20X5? O $2.160,000 O $2.200.000 $2.360.000 O $2.400.00o