4-10. Assume at the beginning of 2017 the Village of Ashlawn Street and Highway Fund (a special revenue fund) has cash of S136,000 offset by assigned fund balance in the same amount. 1.During the year, the State notified the Village that $500,000 for the Street and Highway Fund will be awarded for work performed on several bridges over the next two years. The grant is a cost reimbursement arrangement (no budget entry is necessary 2. During the year, the Village signed contracts for bridge repairs that amounted to $435,000 3. The bridge repairs were completed and an invoice was received for $433.000, of which $419.000 was paid in cash. 4. The special revenue fund reimbursed the General Fund for a payment the General Fund made on behalf of the Street and Highway Fund in the amount of $7.000. This amount is not related to the bridge repairs under the state grant 5. The state government paid the Village $405.000 on work completed under the grant before year-end page 114 a. Prepare the journal entries for the above transactions. Prepare Closing entries for year-end. b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the special revenue fund c. Prepare a Balance Sheet