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 $2,200,000 and appropriations were $2,010,000. 2. Property taxes in the amount of $2,140,000 were levied. It is estimated that $19,000 of the taxes levied will be uncollectible. 3. A General Fund transfer of $35,000 in cash and $320,000 in equipment (with accumulated depreciation of $85,000) was made to establish a central duplicating internal service fund. 4. A citizen of Lynnwood donated marketable securities with a fair value of $1,000,000. 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 $60,000. 5. The city's utility fund billed the city's General Fund $145,000 for water and sewage services. As of December 31, the General Fund had paid $144,000 of the amount billed. 6. The central duplicating fund purchased $14,500 in supplies. 7. Cash collections recorded by the general government function during the year were as follows: Property taxes Licenses and permits User charges $1,945,000 55,000 38,000 8. During the year, the internal service fund billed the city's general government function $25,700 for duplicating services and it billed the city's utility fund $18,100 for services. 9. The city council decided to build a city hall at an estimated cost of $5,200,000. To finance the construction, 4 percent bonds were sold at the face value of $5,200,000. A contract for $4,700,000 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 $42,000 for computer equipment. When the equipment was received, a voucher for $33,900 was approved for payment and payment was made.