I need the solution for Part b and c Only

4-7. The following transactions relate to the General Fund of the City of Buf Falls for the year ended December 31, 2015: 1. Beginning balances were: Cash, $100,000; Taxes Receivable, $175,0 Accounts Payable, $50,000; and Fund Balance, $225,000. 2. The budget was passed. Estimated revenues amounted to $2,000,000 and appropriations totaled $1,980,000. All expenditures are classified as General Government. 3. Property taxes were levied in the amount of $1,200,000. All of the taxes are expected to be collected before February 2016. 4. Cash receipts totaled $1,200,000 for property taxes and $620,000 from other revenue. 5. Contracts were issued for contracted services in the amount of $900,000. 6. Contracted services were performed relating to $810,000 of the con- tracts with invoices amounting to $800,000 7. Other expenditures amounted to $950,000. 8. Accounts payable were paid in the amount of $I,700,000 9. The books were closed Required: a. Prepare journal entries for the above transactions. b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund. c. Prepare a Balance Sheet for the General Fund assuming there are no restricted or assigned net resources and outstanding encumbrances are committed by contractual obligation