The GASB has identified four classes of nonexchange revenues:
• Derived tax
• Imposed
• Government mandated
• Voluntary
For each of the following revenue transactions affecting a city, identify the class in which the revenue falls and prepare an appropriate fund journal entry for the current year (20Xl) as necessary. Provide a brief explanation of, or justification for, your entry.
1. In December, the state in which the city is located announced that it would grant the city $20 million to bring certain public facilities into compliance with the state's recently enacted disability/accessibility laws. As of year-end, the city had not yet received the funds, and it had not yet expended any funds on the state-mandated facility improvements.
2. The city imposes a $100 tax on each sale of real estate. The tax is collected by the title companies that process the sales and must be forwarded to the city within 30 days of the transaction. In December, there were 600 sales of real estate. As of year-end, the city had collected $40,000 of the $60,000 that it was owed. It collected the balance in January.
3. In December, the state announced that the city's share of state assistance for the calendar year 20X2 would be $120 million.
4. The city imposes a tax on all boats owned by residents. The tax is equal to 1 percent of the assessed value of a boat (determined by the city, taking into account the boat's original cost and age). The tax is payable on the last day of the year prior to the year for which the tax is applicable. In 20Xl, the city levied $640,000 of 20X2 boat taxes, of which it collected $450,000.
5. A local resident sends to the city a copy of her will in which she bequeaths $3 million to the city museum upon her death.
6. The U.S. Department of Justice announces that it will reimburse the city up to $400,000 for the purchase of telecommunications equipment. As of year-end, the city had incurred only $200,000 in allowable expenditures. 

7. A resident donates $10 million in securities to the city to support a cultural center. Only the income from the securities, not the principal, can be spent.