The Budgetary Schedule of Al-Marfa Power Station Variance Budget Actual Favorable/ Unfavorable Revenues: Tax Revenues $2,500,000 $2,400,000 Charges for services 500.000 100,000 F Total revenues Expenditures: Administrative expenditure 4400,000 100,000 F Materials and supplies 300,000 100,000 U Health services 600.000 200,000 F 200,000 F Total expenditures Excess (Deficit) Fund balance - Beginning Fund balance - Ending 500.000 Required: (1) From the budget, actual, and variance columns above, you are required to: i. Compute the missing amounts that are marked by (x) and indicate whether the variance is favorable or not. (8.5 marks) ii. Journalize the budgetary (estimated) transactions. (2.5 marks) (2) Explain the basis of recognizing revenues and expenditure of the general funds. (2 marks) (3) Explain the bases on which assets and liabilities are reported in the government-wide financial statements. (2 marks)