A County That Did Not Previously Have a Property Tax $\begin{array}{lr}\text { Net position } & 5,000 \\\quad \text { Revenues-property taxes } &&5,000 \\\end{array}$

A county that did not previously have a property tax levies a property tax for $900,000 on January 1, 2020 for the budget year January 1 to December 31, 2020. The county collected $875,000 during 2020, $20,000 during January 1 through February 28, 2021, and the remaining $5,000 in June 2021.
What adjustment is needed to the data reported in the governmental fund financial statements to prepare the government-wide statements?
a. No adjusting entry is needed
b.
$\begin{array}{lr}\text { Net position } & 5,000 \\\quad \text { Revenues-property taxes } &&5,000 \\\end{array}$

c.
$\begin{array}{lr}\text { Deferred revenues-property taxes } & 5,000 \\\quad \text { Revenues-property taxes } &&5,000 \\\end{array}$

d.
$\begin{array}{lr}\text { Net position } &25,000 \\\quad \text { Revenues-property taxes } && 25,000 \\\end{array}$