4 9. The following transactions relate to Newport City's special revenue fund . 1 . In 2015 , Newport City created a special revenue fund to help fund the $1 1 Emergency call center . The center is to be funded through a legally restricted tax on cellular phones . No budget is recorded . 2. During the first year of operations , revenues from the newly imposed tax totaled $445, 000. Of this amount , $420, 0 00 has been received in cash and the remainder will he received within 60 days of the end of the Fiscal year . 3. Expenditures ( salaries ; incurred through the operation of the $1 1 emer - gency call center totaled $ 4 15, 000. OF this amount , $390,000 was paid before year- end . 4 . During the year the state government awarded Newport Lily & grant to reimburse the City's costs ( not to exceed $150,Odd; for the purpose Of training new 91 1 operators . During the year , the City paid $ 147, 500 ( not reflected in the expenditures above ) to Irain new operators for the 9 1 1 Emergency' call center and billed the state government . 5 . $138, 000 of the amount billed to the state had been received by year-end . 4 . Prepare the journal entries for the above transactions . It is not necessary to use control accounts and subsidiary ledgers . Prepare* Closing entries for year-end .* 6. Prepare a Statement of Revenues , Expenditures , and Changes in Fund Balance for the special revenue fund ! C. Prepare a Balance Sheet , assuming there are no committed or" assigned net resources .*