7. Mile-High City’s year-end is June 30. Mile-High 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...

7. Mile-High City’s year-end is June 30. Mile-High 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 period in which payment is due. The following information pertains to Mile-High’s property taxes for the period from July 1, 2018, to June 30, 2019:

The $70,000 balance due for the May 2019 installments was expected to be collected in August 2019. What amount should Mile-High recognize for property tax revenue for the year ended June 30, 2019?

a. $2,100,000

b. $2,200,000

c. $2,360,000

d. $2,400,000