Problem 4-Governmental Accounting Part I: General Fund Journal Entries City of Good Citizen has the following transactions during fiscal year 2009. (a) The legal budget for the year provided for $5,040,000 of estimated revenues and $4,960,000 appropriations. (b) Assume there are $ 150,000 of purchase orders outstanding at the end of last year and that these will be honored in the current year. Prepare the entries to re-establish the encumbrance. (e) Property taxes were levied in the amount of $3,200,000. It is estimated that 2.5 percent of the taxes will never be collected. Note: The $3,200,000 is the final calculation. Do not re-calculate the property taxes. (d) Purchase orders were issued for equipment and supplies in the amount of $3,040,000. (e) Supplies, relating to all of the prior year purchase orders ($150,000), were received along with invoices amounting to $144,000. (f) Equipment and supplies related to current year purchase orders ($3,040,000), were received along with invoices amounting to $3,046,000.