Please answer the following question:

b. Prepare the journal entries, closing entries, and a Statement of Revenues, Expenditures, and Changes in Fund Balance assuming the City intends to treat the summer camp program as a special revenue fund.

4 The City of Evansville operated a summer camp program for at-risk youth. Businesses and nonprofit organizations sponsor one or more youth by paying the registration fee for program participants. The following Schedule of Cash Receipts and Disbursements summarizes the activity in the program's bank account for the year. 1. At the beginning of 2020, the program had unrestricted cash of $18,000. 10 points Skipped Cash Basis 12 months $100,000 75,000 175,000 eBook Ask Cash receipts: Registration fees Borrowing from bank Total deposits Cash disbursements: Wages Payroll taxes Insurance (paid monthly) Purchase of bus Interest on bank note Total checks Excess of receipts over disbursements 46,575 7,000 References 8,000 80,000 2,250 143,825 $ 31,175 2. The loan from the bank is dated April 1 and is for a five-year period. Interest (6 percent annual rate) is paid on October 1 and April 1 of each year, beginning October 1, 2020. 3. The bus was purchased on April 1 with the proceeds provided by the bank loan and has an estimated useful life of five years (straight-line basis-use monthly depreciation). 4. All invoices and salaries related to 2020 had been paid by close of business on December 31, except for the employer's portion of December payroll taxes, totaling $800