Rural County is an agricultural community located hundreds of miles from any metropolitan center. The County established a Television Reception Improvement Fund to serve the public interest by constructing and operating television translator stations. TV translator stations serve communities that cannot receive the signals of free over$-$the$-$air TV stations because they are too far away from a broadcasting TV station. Because of the large distances between customers, commercial cable TV providers are also not inclined to serve rural communities. The fund charges TV owners a monthly fee of $$15.$ The fund was established on December $20,2023$ with a transfer of cash from the General Fund of $$125,000.$ On December $31,2023$ the fund acquired land for its translator stations in the amount of $$40,000.$ The remaining cash and the land are the only resources held by the fund at the beginning of $2024$

$1.$ Other than beginning account balances, no entries have been made in the general ledger.

$2.$ The County prepared a budget for $2024$ with estimated customer fees of $$32,000,$ operating costs of $$28,000,$ capital costs of $$66,000,$ and estimated loan proceeds of $$55,000.$

$3.$ The following information was taken from the checkbook for the year ended December $31,2024$:

Cash Basis $12$ months

Cash Receipts:

Fees from customers $$42,100$

Borrowing from bank $$45,000$

Total deposits $$87,100$

Cash Disbursements:

Supplies $$7,300$

Labor $$12,000$

Utilities $$7,500$

Equipment $$68,000$

Interest on bank note $$2,080$

Total checks : $$96,600$

Beginning Cash Balance : $$85,000$

Ending Cash Balance: $$75,500$

$4.$ The loan from the bank is dated April $1$ and is for a five$-$year period. Interest $(8$ percent annual rate$)$ is paid on October $1$ and April $1$ of each year, beginning October $1,2024.$ The County has elected not to establish a debt service fund but will pay the interest on this note from the Television Reception Improvement Fund.

$5.$ The machinery was purchased on April $1$ with the proceeds provided by the bank loan and has an estimated useful life of $10$ years $($straight$-$line basis$).$

$6.$ In January $2025,$ customers remitted fees totaling $$2,850$ for December service.

$7.$ Supplies of $$750$ were received on December $29$ and paid in January $2025.$

$8.$ Unused supplies on hand amounted to $$760$ at December $31,2024.$

$9.$ Utilities are paid in the following month. The utility bill for December $2024$ was received on January $4,2025$ in the amount of $$970($Utility bills are recorded through accounts payable.$)$

$10.$On December $21,$ the company placed an order for a new computerized control switch in the amount of $$1,500$ to be delivered and paid in January $2025.$

Part $1$: Assume the County chooses to report the Television Reception Improvement Fund as a special revenue fund modified following accrual basis statements. Using the Excel template provided,

a$.$ Prepare journal entries recording the events above for the year ending December $31,2024$

b$.$ Post the journal entries to T$-$accounts.

c$.$ Prepare closing entries.

d$.$ Prepare a Statement of Revenues, Expenses, and Changes in Fund Net Position.

e$.$ Prepare a Statement of Net Position, assuming the bank note is related to capital asset acquisitions.

Part $2$: Assume the County chooses to report the Television Reception Improvement Fund as an enterprise fund following accrual basis statements. Using the Excel template provided. a$.$ Prepare journal entries recording the events above for the year ending December $31,2024$

b$.$ Post the journal entries to T$-$accounts.

c$.$ Prepare closing entries.

d$.$ Prepare a Statement of Revenues, Expenses, and Changes in Fund Net Position.

e$.$ Prepare a Statement of Net Position, assuming the bank note is related to capital asset acquisitions.