Exercise $6-4($Algo$)$

Required:

a$.$ Prepare the closing entries for December $31.$

b$.$ Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended December $31.$

c$.$ Prepare the Net Position section of the December $31$ balance sheet. $($Assume that the revenue bonds were issued to acquire capital

assets and there are no restricted assets.$)$