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C4-1 Journal Entries and Financial StatementsClark County, Nevada, Road Fund) The State of Nevada levies a tax on motor fuel purchased in the state. The state distributes the portion of the tax collected in each county to that county the month after the taxes are collected. The portion of this shared revenue that each county receives may only be used for road and street maintenance or construction Clark County, Nevada, uses a Road Special Revenue Fund to account for its share of the motor fuel tax received from the state. The transactions of the Clark County Road Fund for the fiscal year ended June 30, 20X6, are listed here. Assume that all revenues of the fund are susceptible to accrual in the fiscal year that they become receivable. (Al amounts are in thousands of dollars.) 1. Motor fuel taxes collected in Clark County during the fiscal year totaled $23,858. All of the county's distributions from the state were collected before the end of the fiscal yeat except the distribution for the June 30, 20X6, motor fuel taxes. This distribution, $4,000, has been determined and will be received during July 20X6. 2. Interest collected on investments totaled 5950 during the year, including 595 of interest recewable accrued on June 30, 20X5. 3. The County collected $751 of charges to several hotel developers for work performed during the fiscal year. 4 Salaries, wages, and employee benefit costs for the year totaled $12.100 for the year of these costs, $395 had not been paid as of June 30 5. Capitalizable road construction costs totaled $7,527 Maintenance services on the roads and streets totaled $6,566, 51,000 remained unpaid as of June 30, 20X6. 6. The General Fund transferred $757 in cash to the Road Fund during the year 7. Interest receivable accrued at June 30, 20X6, was $111 In addition to these transactions, the following information is known about the fund In addition to these transactions, the following information is known about the fund: Total cash and Investments at the end of the fiscal year totaled $13,819. Accounts receivable as of June 30, 20X6, were $778 Vouchers payable balances, including that from transaction 5. as of June 30, 20X6, were $1,812. Fund balance at the beginning of the fiscal year was $16,353, Outstanding encumbrances at the end of the fiscal year were $1 187, All encumbrances relate to items that will be financed from the road . . All but $600 ot ending fund balance is derived from the road tax Required 1. Prepare journal entries to record the activities of the Clark County Road Fund for the fiscal year. 2. Prepare a statement of revenues, expenditures, and changes in fund balance as of June 30, 20X6, for the Clark County Road Fund. 3. Prepare a balance sheet as of June 30, 20X6. for the Clark County Road Fund. This case was based on the information in a comprehensive annual financial report for Clark County, Nevada