Please see the questions and the bottom and provide solutions for all five. Please also indicate for me Debit or Credits as well.

The city of Waterville applied for a grant from the state government to build a pedestrian bridge over the river inside the citys park. On May 1, 2017 the city was notified that is had been awarded a grant of up to $150,000 for the project. The state will provide reimbursement for allowable expenditures. On May 5 the special revenue fund entered into a short-term loan with the general fund for $150,000 so it could start bridge construction. During the FY2017 the special revenue fund expended $120,000 for the allowable bridge construction costs, for which it submitted documentation to the state. Reimbursement was received from the state on December 13, 2017.

Required

For the special revenue fund, provide the appropriate journal entries, if any that would be made for the following (Assume the city has a fiscal year end of December 31) (if no entry is required for a transaction/even please put no journal entry required)

1. May 1, 2017 notification of grant approval

2. May 5, 2017 loan from general fund

3. During Fy 2017, bridge expenditures and submission of reimbursement documentation

4. December 13, 2017 receipt of the grant reimbursement funds

5. December 31,2017 Adjusting and closing entries.