Show the impact of each of the transactions below on the fundamental equation of accounting for New Town City using the modified accrual basis of accounting. Tip: Use a hyphen or dash to indicate negative numbers. Do not use parentheses. Only write numbers, NO S signs or commas Important Note: Ev you still write a O (zero) in the box. An empty box will be marked incorrect en if you think a transaction has no impact on Assets/Liabilities/Fund Balance, make sure A) New Town City sent out property tax bills totaling $8 million. By the end of the fiscal year, the City had collected $5.5 million. The City expects to collect remaining balance within 60 days of the end of the fiscal year, and the remainder at some point in the future beyond that 60-day period. General Fund Assets Liabilities Fund A1) In the transaction above, Taxes Receivable increases by: $