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1. A town needs to raise a net of $ 500,000 from property taxes in 2018,...

1. A town needs to raise a net of $ 500,000 from property taxes in 2018, but experiences shows that about 2.5% of the tax levy is either refunded or deemed uncollectible. The town, therefore decides to levy property taxes of $ 512,500 to obtain net tax collection of $ 500,000. The actual cash collection during the year are $ 495,000. Pass journal entries to record these transactions.

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