(Budgetary entries) The budget for the Perlita Park Fund is as follows:

Required: 1. Prepare the entry to record the approved budget at the beginning of the year.
2. If this year is the park’s first year of operation, how much should the fund balance contain at the end of the year if actual revenues and expenditures are as planned?

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Estimated Revenues Property taxes $2,400,000 Greens fees 600,000 Camping fees 400,000 Fines and permits 200,000 Appropriations Wage and salaries $1,600,000 Grass seed 200,000 Animal food 200,000 Operating supplies 400,000 Outside services 600,000 Repave driveways 200,000 Move locomotive 50,000 Construct shelters 300,000