When It Prepared Its Financial Statements for Calendar Year 2018

When it prepared its financial statements for calendar year 2018, Watson Town assumed that it would collect all unpaid property taxes during the first 60 days of 2019. As a result, no deferred revenues were reported. The following facts pertain to the property tax revenues for calendar years 2019 and 2020. Make adjusting entries needed to prepare both the governmental fund-level and the government-wide financial statements for 2019 and 2020. Watson Town does not record deferred revenues until it makes end of the year adjustments.
$$\begin{array} { l r r } & 2019 & 2020 \\ \text { Tax lew } & \$ 700,000 & \$ 730,000 \\\text { Taxes collected in cash from the year's lew } & \$ 670,000 & \$ 690,000 \\\text { Taxes expected to be collected in first } \\\text { 60 days of the following year } & \$ 22,000 & \$ 29,000 \\\text { Taxes expected to be collected later in } \\\text { the following year }& \$ 8,000 & \$ 11,000\end{array}$$ Assume that all taxes expected to be collected in the following year were actually collected when expected. Also assume that all journal entries to record the tax levy, tax collections and so on were made, as appropriate.