Required information [The following information applies to the questions displayed below.) The City of Lynnwood was recently incorporated and had the following transactions for the fiscal year ended December 31. 1. The city council adopted a General Fund budget for the fiscal year. Revenues were estimated at $2,060,000 and appropriations were $1,996,000. 2. Property taxes in the amount of $2,000,000 were levied. It is estimated that $12,000 of the taxes levied will be uncollectible. 3. A General Fund transfer of $28,000 in cash and $306,000 in equipment (with accumulated depreciation of $71,000) was made to establish a central duplicating internal service fund. 4. A citizen of Lynnwood donated marketable securities with a fair value of $860,000. The donated resources are to be maintained in perpetuity with the city using the revenue generated by the donation to finance an after-school program for children, which is sponsored by the culture and recreation function. Revenue earned and received as of December 31 was $46,000. 5. The city's utility fund billed the city's General Fund $131,000 for water and sewage services. As of December 31, the General Fund had paid $130,000 of the amount billed. 6. The central duplicating fund purchased $7,500 in supplies. 7. Cash collections recorded by the general government function during the year were as follows: Property taxes Licenses and permits User charges $1,931,000 41,000 31,000 8. During the year, the internal service fund billed the city's general government function $18,700 for duplicating services. and it billed the city's utility fund $11,100 for services. 9. The city council decided to build a city hall at an estimated cost of $5,060,000. To finance the construction, 6 percent bonds were sold at the face value of $5,060,000. A contract for $4,560,000 has been signed for the project; however, no expenditures have been incurred as of December 31. 10. The general government function issued a purchase order for $35,000 for computer equipment. When the equipment was received, a voucher for $32,500 was approved for payment and payment was made. "equired Using the funds you identified in part a, prepare journal entries to properly record each transaction for the fiscal year ended ecember 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Transaction Fund or Activity General Journal Debit 1. The city council adopted a General Fund budget for the fiscal year. Revenues were estimated at $2,060,000 and appropriations were $1,998,000. Record the budget for the fiscal year ended December 31, when the estimated revenues are $2,060,000 and appropriations were $1,996,000. 1 General Fund 2. Property taxes in the amount of $2,000,000 were levied. It is estimated that $12,000 of the taxes levied will be uncollectible. 2a General Fund Record the $2,000,000 property taxes levied and $12,000 expected collectibles in the General Fund. 2b Credit Governmental Activity Record the $2,000,000 property taxes levied and $12,000 expected collectibles in the Governmental Activities general ledger.