Part C The following is a trial balance and several transactions that relate to Asheville's City Museum Bond Fund. Asheville Trial Balance City Museum Bond Fund July 1, 2019 Cash Investments Fund Balance-restricted Total $50,000 55,000 $105,000 $105,000 $ 105,000 The following transactions took place between July 1, 2019 and June 30, 2020: 1. The city council of Asheville adopted the budget for the Museum Bond Fund for the fiscal year. The estimated revenues totaled $150,000, the estimated other financing sources totaled $10,000, and the appropriations totaled $155,000. 2. The General Fund transferred $35,000 to the fund. 3. To provide additional resources to service the bond issue, a property tax was levied upon the citizens. The total levy was $130,000, of which $115,000 was expected to be collected. 4. Property taxes of $90,000 were collected. 5. Revenue received in cash from investments totaled $12,500. 6. Property taxes of $25,000 were collected. 7. A fee of $2,500 was paid to the fiscal bond agent, for help in servicing debt. 8. Interest in the amount of $45,500 and principal in the amount of $50,000 were paid in cash. 9. At the end of the accounting period, a net increase in the fair value of investments totaled $3,000. Use the preceding information to perform the following: a) Prepare all journal entries necessary to record the preceding transaction for the City Museum Bond Fund (DSF). Include closing entries. b) Prepare a statement of revenues, expenditures and changes in fund balance for the City Museum Bond Fund (assume all fund balance is restricted) as of 6/30/20. c) Prepare a balance sheet as of 6/30/20