-14. Rural County is an agricultural community located hundreds of miles from any metropolitan center. The County established a Television Reception Improvement Fund to serve the public interest by constructing and operat- ing television translator stations. TV translator stations serve communities that cannot receive the signals of free over-the-air TV stations because they are too far away from a broadcasting TV station. Because of the large distances between customers, commercial cable TV providers are also not inclined to serve rural communities. The fund charges TV owners a monthly fee of $15. The fund was established on December 20, 2016, with a transfer of cash from the General Fund of $125,000. On December 31, 2016, the fund acquired land for its translator stations in the amount of $40,000. The remaining cash and the land are the only resources held by the fund at the beginning of 2017. 1. Other than beginning account balances, no entries have been made in the general ledger. 2. The county prepared a budget for 2017 with estimated customer fees of $32,000, operating costs of $28,000, capital costs of $66,000, and estimated loan proceeds of $55,000. 3. The following information was taken from the checkbook for the year ended December 31, 2017. Cash Basis 12 months Cash Receipts: Fees from customers Borrowing from bank $33,250 52,000 85,250 Total deposits Cash Disbursements: Supplies Labor Utilities Equipment Interest on bank note 7,300 9.900 7,500 64,000 2,080 90,780 85,000 $79,470 Total checks Beginning Cash Balance Ending Cash Balance