During the fiscal year ending June 30, 2016, all transactions of Salleytown were recorded in the general fund due to the inexperience of the town’s bookkeeper. The trial balance of Salleytown’s general fund is as follows:

The following information is also available (in thousands):
1. The accounts receivable of \($11,500\) includes \($1,500\) due from the town’s water utility. Accounts for the municipal water utility operated by the town are maintained in a separate fund.
2. The balance in Taxes receivable —current is now considered delinquent, and the town estimates that \($24,000\) will be uncollectible.
3. On June 30, 2016, the town retired, at face valué;.6-percent general obligation serial bonds totaling \($40,000.\) The bonds were issued on July 1, 2011, at face value of \($200,000.\) Interest and principal paid during the year ended June 30, 2016, were charged to bonds payable.
4. During the year, supplies totaling \($128,000\) were purchased and charged to expenditures. The town conducted a physical inventory of supplies on hand at June 30, 2016, and this physical count disclosed that supplies of \($84,000\) were used. The purchases method is used and ending inventory is recognized.
5. Expenditures for the year ended June 30, 2016, included \($11,200\) applicable to purchase orders issued in the prior year. Outstanding purchase orders at June 30, 2016, not recorded in the accounts, amounted to \($5,000.\) The legal budgetary basis is used.
6. On June 28, 2016, the state revenue department informed the town that its share of a state-collected, locally shared tax would be \($34,000.\)
7. During the year, equipment with a book value of \($7,900\) was removed from service and sold for \($4,600.\) In addition, new equipment costing \($90,000\) was purchased. The transactions were recorded in general property.
8. During the year, 100 acres of land were donated to the town for use as an industrial park. The land had a value of \($125,000.\) This donation was not recorded.
Required

a. Prepare the formal reclassification, adjusting, and closing journal entries for the general fund as of June 30, 2016.

b. Present, in good form, the general fund’s statement of revenues, expenditures, and changes in fund balances for the fiscal year ended June 30, 2016.

c. Present, in good form, the general fund’s balance sheet for the fiscal year ended June 30, 2016.

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SALLEYTOWN General Fund Trial Balance June 30, 2016 (in thousands) Cash.. Short-term investments Accounts receivable.. Taxes receivable-current Accounts payable.. Appropriations. Expenditures Estimated revenues Revenues General property Bonds payable. Fund balance-unassigned. Totals... Debit Credit $ 16,800 40,000 11,500 30,000 $ 50,000 520,000 382,000 520,000 560,000 85,400 52,000 7,700 $1,137,700 $1,137,700