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A city has formalized tax liens of $50,000 against a property on which there are delinquent taxes receivable. The estimated salable value of the property is $39,000. The remaining total balances in Property Taxes Receivable-Delinquent and the related allowance are $113,000 and $28,000, respectively. What amount should be reclassified from allowance for uncollectible delinquent taxes to allowance for uncollectible tax liens?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9102354

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