Solution needed with explanations.

Prepare journal entries recordng the events ear ending December$31,2024.$

Post the journal enries to T$-$accaount.

Prepare closng entrues.

Prepare statement of revenues, expenditures and changes in fund balance.

Prepare balance sheet assuming there are no restricted or commited fund net resources.

make all the requrements in modified accrual basis and accrual basis.

Thank you. $6-14.$ Rural County is an arricultural community located hundreds of miles from any metropolitan center. The County established Television Reception improvement Fund to serve the public interest by constructing and operating television translator station TV translator stations serve communities that cannot receive the signals of free over$-$the$-$air TV stations because they are too fa 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 lan 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 $2024.$

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

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.$

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

Cash Basis

Cash Receipts:

$12$ months

Fees from customers

$$42,100$

Borrowing from bank

$45,{000}_{?}$

Total deposits

$87,100$