Special Revenue Fund In 2016, Grand City established a special revenue fund to account for acqui sitions of wildlife by the city zoo. During 2016, the following occurred Cash of$800,000 was transferred from the general fund and a federal grant of S80000 was received. 2. Investments were purchased foe $600,000 in cash. Contracts for S1,200,000 for the acquisition of wildlife were signed. Animals, reptiles, and birds were delivered, and Grand City was billed for $1,200,000 4. Investments yielded S30,000 in revenues. The investments were liquidated at cost . Wildlife contract bills totaling $1,100,000 were paid. 6. Resources of $400000 were reclassified foe future transfer to the general fund. The federal grant resources are restricted, while the general fund transfers and investment income are committed resources. City policy is to spend restricted resources first. The special revenue fund does not use budgetary accounts. Reguired a. Prepare all 2016 journal entries and closing entries for the special revenue fund. b. Prepare the balance sheet for the special revenue fund as of December 31,20