Following Balances are taken from the records of a Govemment General Fund as of January 1, 2021. Noting that the firm uses the Modified Accrual Basis per GASB standards (numbers in thousands of \$). Following transactions took place in the fund in year 2021: 1- On January 1, 2021 borrowed $6,000 loan in exchange for not payable at $10% interest rate. The loan will be paid on 6 yearly instalment, with interest at end of each year. 2. Paid the outstanding accounts payable of $340 3. Collected fees of $7,680 (of which $300 related to previous periods). 4- On July 1, 2021, Purchased Equipment for $10,000 - of which $7,000 paid in cash and $3,000 will be paid in January 2022 . The Equipment have 10 years useful life. 5. Received $1,500 as unrestricted grant, of which $1400 received in cash and $100 will be recelved at the beginning of next year. 6- incurred $9.000 in general operating expenditures of which it actually paid $8.400, and $600 will be paid at the beginning of next year 7. On 31/12 paid $1,600 as the first payment for the loan and related interest Instructions: Required a. Prepare journal entries in the general fund to record each of the transactions or othen events. b. b. Prepare a balance sheet and a statement of revenues and expenditures and other changes in fund balances sources for the general fund