The following information relates to Cool City, whose first fiscal year ended December 31, 2018. Assume Cool has only the long-term debt specified in the information and only the funds necessitated by the information. General fund: The following selected information is taken from Cools 2018 general fund financial records: Budget Actual Property taxes $5,000,000 $4,700,000 Other revenues 1,000,000 1,050,000 Total revenues $6,000,000 $5,750,000 Total expenditures $5,600,000 $5,700,000 Property taxes receivabledelinquent $420,000 Less: Allowance for estimated uncollectible taxesdelinquent $50,000 $370,000 There were no amendments to the budget as originally adopted. No property taxes receivable have been written off, and the allowance for uncollectible balance is unchanged from the initial entry at the time of the original tax levy. There were no encumbrances outstanding at December 31, 2018. Capital project fund: Finances for Cools new civic center were provided by a combination of general fund transfers, a state grant, and an issue of general obligation bonds. Any bond premium on issuance is to be used for the repayment of the bonds at their $1,200,000 par value. At December 31, 2018, the capital project fund for the civic center had the following closing entries: Revenues 800,000 Other financing sourcesbond proceeds 1,230,000 Other financing sourcesoperating transfers in 500,000 Expenditures 1,080,000 Other financing usesoperating transfers out 30,000 Assigned fund balance 1,420,000 Also, at December 31, 2018, capital project fund entries reflected Cools intention to honor the $1,300,000 purchase orders and commitments outstanding for the center. During 2018, total capital project fund encumbrances exceeded the corresponding expenditures by $42,000. All expenditures were previously encumbered. During 2019, the capital project fund received no revenues and no other financing sources. The civic center building was completed in early 20X5 and the capital project fund was closed by a transfer of $27,000 to the general fund. Water utility enterprise fund: Cool issued $4,000,000 revenue bonds at par. These bonds, together with a $700,000 transfer from the general fund, were used to acquire a water utility. Water utility revenues are to be the sole source of funds to retire these bonds beginning in year 2023. Answer each question below with by writing yes or no beside it. General Fund Did recording budgetary accounts at the beginning of 2018 increase the fund balance by $50,000? Should the budgetary accounts for 2018 include an entry for the expected transfer of funds from the general fund to the capital project fund? Should the $700,000 payment from the general fund, which was used to help to establish the water utility funds, be reported as an other financing use operating transfers out? Did the general fund receive the $40,000 bond premium from the capital projects funds? Should a payment from the general fund for water received for normal civic center operations be reported as an other financing use? Would closing budgetary account cause the fund balance to increase by $400,000? Would the interaction between budgetary and actual amounts cause the fund balance to decrease by $350,000? Funds Other than the General Fund In the general fixed assets accounts group, should a credit amount be recorded for 2018 in investment in general fixed assetscapital projects fund? In the general fixed assets account group, could Cool elect to record depreciation in 2019 on the civic center? In the general fixed assets account group, could Cool elect to record depreciation on water utility equipment? Should the capital project fund by included in Cools combined statement of revenues, expenditures, and changes in fund balance? Should the water utility enterprise fund be included in Cools combined balance sheet? In which fund should Cool report capital and related financing activities in its 2018 Statement of Cash Flows? Debt service fund-- Capital project fund-- Water Utility Enterprise fund--