17 Part 1 of 2 20 points Skipped eBook To References Required information [The following information applies to the questions displayed below.] The City of Lynnwood was recently incorporated and had the following transactions for the fiscal year ended December 31. 1. The city council adopted a General Fund budget for the fiscal year. Revenues were estimated at $2,020,000 and appropriations were $1,992,000. 2. Property taxes in the amount of $1,960,000 were levied. It is estimated that $10,000 of the taxes levied will be uncollectible. 3. A General Fund transfer of $26,000 in cash and $302,000 in equipment (with accumulated depreciation of $67,000) was made to establish a central duplicating internal service fund. 4. A citizen of Lynnwood donated marketable securities with a fair value of $820,000. The donated resources are to be maintained in perpetuity with the city using the revenue generated by the donation to finance an after-school program for children, which is sponsored by the culture and recreation function. Revenue earned and received as of December 31 was $42,000. 5. The city's utility fund billed the city's General Fund $127,000 for water and sewage services. As of December 31, the General Fund had paid $126,000 of the amount billed. 6. The central duplicating fund purchased $5,500 in supplies. 7. Cash collections recorded by the general government function during the year were as follows: Property taxes Licenses and permits User charges $1,927,000 37,000 29,000 8. During the year, the internal service fund billed the city's general government function $16,700 for duplicating services and it billed the city's utility fund $9,100 for services. 9. The city council decided to build a city hall at an estimated cost of $5,020,000. To finance the construction, 4 percent bonds were sold at the face value of $5,020,000. A contract for $4,520,000 has been signed for the project; however, no expenditures have been incurred as of December 31. 10. The general government function issued a purchase order for $33,000 for computer equipment. When the equipment was received, a voucher for $32,100 was approved for payment and payment was made.