$12-3$ balancesCash: $300$k general fund, $4$K debt service fundReal estate taxes receivable: $20$k general fundState grants receiveable: $10$k general fundDue from general fund: $16$k debt service fundSalaries payabale: $90$k general fundDue to debt service fund: $16$k general fundFund balance$/$unrestricted net assets: $224$k general fund, $20$k debt service fundSee Exhibit $12-3$ for opening account balances. Record the following financial transactions for Simonsen Village for the fiscal year ending December $31,2024.$ Show the impact of the transactions on the fundamental equation of accounting $($optional: show journal entriessee Appendix $12-$A$).$ Assume that the modified accrual basis is used. Simonsen Village has employees who earned $ $400,000$ for the year. At the end of the year, the salaries payable balance was $ $10,000.$ Note that $ $200,000$ of wages related to general government, $ $140,000$ was for education, and $ $60,000$ was for the public works, safety, and sanitation department. Inventory was ordered by Simonsen Village. The entire order was received. The bill for the inventory purchase was $ $10,000.$ By the end of the fiscal year, it had used $ $6,000$ of the inventory, but no payment had been made. Each of the three departments had used $ $2,000$ of inventory. The remaining inventory was all earmarked for education. Simonsen Villages major source of funds is real estate taxes. Total tax bills issued were for $ $300,000.$ Total collections were the $ $20,000$ from the previous years ending balance in taxes receivable and $ $260,000$ of this years taxes. Eighty percent of the outstanding balance at year$-$end is expected to be collected early in the next fiscal yearSimonsen Village is entitled to receive unrestricted grants from the state. During the year, grants in the amount of $ $100,000$ were made. The total collections on grants were just $ $20,000.$ This $ $20,000$ consisted of $ $10,000$ that the state owed for the previous year and $ $10,000$ for the current years grant. The state will be paying the balance owed to Simonsen Village within $30$ days after the year ends. During the year, Simonsen Village was legally required to transfer $ $60,000$ to its debt service fund. A total of $ $70,000$ of cash was paid to the debt service fund. In years when the full required transfer is not made, the debt service fund has a receivable $($Due from General Fund$).$ If more than the required amount is paid, the debt service funds receivable declines. Simonsen Village acquired a new fire truck early in the year for $ $200,000.$ The fire truck is expected to last $10$ years and has no salvage value. It was financed by a long$-$term note for the full amount. Simonsen Village has a capital projects fundThe interest and principal due on Simonsen Villages debt during the year and paid from the debt service fund were $ $8,000$ and $ $30,000,$ respectively. The interest covers all long$-$term borrowing by Simonsen Village. The principal relates to the fire truck purchased during the year.