3-2. The City of Oxbow General Fund has the following net resources at year-end: $250,000 unexpended proceeds of a state grant required by law to be used for health education. $10,000 of prepaid insurance. Modified Accrual Accounting: Including the Role of Fund Balances and Budgetary Authority 77 $600,000 rainy day fund approved by city council for use under specified circumstances. $200,000 budget stabilization fund to be used in the event of revenue shortfall. $275,000 provided for contractual obligations for capital projects. $26,000 unexpended proceeds of a tax required by law to be used for emergency 911 services. $1,622,000 total fund balance. Required: Prepare the fund balance section of the Balance Sheet