Part I: Below are the July 1, 2022, balances for the general fund of Middleport, NY. The fiscal year ends on June 30. Middleport, NY Middleport uses the purchases method to record inventories, and the GAAP budgetary basis for encumbrances outstanding at year-end. Assigned fund balance consists of outstanding encumbrances. The beginning balance for taxes receivable are uncollected 2022 taxes. All expenditures are recorded in accounts payable. The following events occurred in Fiscal 2023: 1. Passed the 2023 budget, consisting of expected revenues from property taxes, fees and licenses of $370,500, expected state grants of $40,000, estimated expenditures of $370,000, and expected transfers out of $50,000. Accrued the state grants. 2. Levied property taxes of $300,000, of which 5 percent are estimated to be uncollectible. Collected $280,000 of these taxes. 3. Received $25,000 in state grants. 4. Collected $10,000 in 2022 taxes; wrote off the remainder. 5. Transferred $50,000 to the special revenue fund. 6. Received $65,000 in cash for fees and licenses. 7. Received the inventories connected with purchase orders outstanding as of the end of the fiscal 2022. The inventory was invoiced at $3,200. 8. Paid $8,000 to the capital projects fund, as a temporary loan. 9. Received $12,000 from the special revenue fund as partial repayment of a loan made in fiscal 2019. 10. Purchased inventories of $45,000. 11. Made other expenditures of $320,000 during the year. Purchase orders outstanding at year-end total $1,600. 12. Total accounts payable paid in fiscal 2023 amounted to $367,000. 13. Of the fiscal 2023 taxes uncollected at year-end, $8,000 are expected to be collected within 60 days. NOTE: See requirements on next page. Required: A. Prepare entries necessary at the beginning of the year to record the budget and make any other necessary adjustments or accruals. B. Prepare entries necessary to record the events of the year and any year-end adjustments. C. Prepare necessary closing entries for June 30, 2023. D. Present, in good form, the statement of revenues, expenditures, and changes in fund balances for Middleport, NY for fiscal 2023. Include a reconciliation of beginning and ending fund balances. E. Present, in good form, the balance sheet for the general fund of Middleport, NY for June 30, 2023