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42.     (Property tax revenue recognition)     

In its General Fund balance sheet at December 31, 2009, Marathon City reported Property taxes receivable of $40,000 and Deferred property tax revenues of $15,000. At the start of the year 2010, Marathon City made the following journal entry to record its property tax levy:
Property taxes receivable          950,000
Allowance for uncollectible property taxes          10,000
                     Revenues - property taxes                940,000

During the year 2010, the city collected all the property taxes receivable outstanding at December 31, 2009. It also collected $920,000 of the receivables recognized at the beginning of 2010, and wrote off $6,000 of bad debts against the allowance account. On December 31, 2010, the Marathon City finance director made the following determinations regarding the property taxes outstanding at that date:
a.     All outstanding property taxes would be collected, so there was no need for the allowance for uncollectible property taxes.
b.     The City would collect about $15,000 of the outstanding property taxes receivable during the first 60 days of 2011 and the remainder during the latter part of 2011.

Required:     Calculate how much property tax revenues Marathon City should recognize in 2010.

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