Exercise 4-21 (Static) Calculating Required Tox Anticipotion Finencing and Recording Issuance of Tax Anticipotion Notes [LO 4-1] The Chy of Troy colhects its annual propeny taces late in its fiscal year Consequently, each year it must finance part of its operating budget using tax onticipation notes. The notes are repaid upon collection af property taves. On Apnil 1, the city estimated that it will tequire $2500.000 to finance govemmental activities for the remainder of the fiscal yest On that date, it had $770.000 of cash on hand and $930,000 of cunent habaties. Collections for the remainder of the year from revenues other than current property taxes and tiom detinguent neperty takes, neluding interest and peralties, were estimated at $1,100,000. Required a Caiculate nie estimated eniount of Lax anucipation financing that will be required for the remander of the current fiscal year. b Assume that an Agt 2 the City of Troy borrowed the amount calculated in part a by signing tax anticipation notes bearing 6 percent pet anmum to a local bank. Record the usuance of the bax antecipation notes in the general joumals of the General Fund and governmental activities at the governmern wide level c By October 1, the coly had coliected a sufficlent amount of current property taxes to repay the tax anticipation notes with interest. Piepare the generai journas of the General Fund and governmental activities at the governmentwide level