On March $15,$ the town of Endicott levied property taxes of $$35,000,000.$ Based on past experience, town management estimated that the town will not collect $3$ percent of the taxes. Taxes were due September $30,$ but $$9,900,000$ was received before that date from taxpayers taking advantage of a $1$ percent discount for early payment. Endicott treats discounts given as a reduction of revenues. On December $31,$ the town's year$-$end, outstanding taxes totaled $$2,000,000$ of which $$500,000$ is expected to be collected during the first $60$ days of the new year. Actual expenditures for the year of $$33,000,000,$ paid in cash, equaled appropriations. The budget entry included estimated revenues of $$32,000,000.$ Before the budget entry, the fund balance for the general fund was $$5,000,000\mathrm{.}00.$ No taxes receivable existed prior to the current year.

Required

a$.$ Prepare the journal entries to record the property tax transactions, including any adjusting entries at December $31.$

b$.$ Calculate the general fund's fund balance at December $31.$