The following transactions relate to Newport City's special revenue fund. 1. In 2020, Newport City created a special revenue fund to help fund the 911 emergency call center. The center is to be funded through a legally restricted tax on cellular phones. No budget is recorded. 2. During the first year of operations, revenues from the newly imposed tax totaled $517,500. Of this amount, $465,750 has been received in cash and the remainder will be received within 60 days of the end of the fiscal year. 3. Expenditures (salaries) incurred through the operation of the 911 emergency call center totaled $459,000. Of this amount, $429,165 was paid before year-end. 4. During the year the state government awarded Newport City a grant to reimburse the City's costs (not to exceed $172,500) for the purpose of training new 911 operators. During the year, the City paid $163,875 (not reflected in the expenditures above) to train new operators for the 911 emergency call center and billed the state government. 5. $152,375 of the amount billed to the State had been received by year-end. Required: a. Prepare the journal entries for the above transactions. It is not necessary to use control accounts and subsidiary ledgers. Prepare closing entries for year-end. b. Prepare a statement of Revenues, Expenditures, and Changes in Fund Balance for the special revenue fund. c. Prepare a Balance Sheet assuming there are no committed or assigned net resources. Req A1 Reg A2 Reg B Reg C Prepare the journal entries for the above transactions. It is not necessary to use control accounts and subsidiary le no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) No Debit Credit Transaction 01 General Journal No Journal Entry Required 1 2 02 Cash Taxes Receivable Phone Tax Revenue 465,750 51,750 517.500 3 03 Expenditures911 Operations Wages Payable Cash 459,000 29,835 429,165 4 4a 163.875 Expenditures911 Training Cash 163,875 5 4b 163,875 Due from State Government Intergovernmental Revenues 163,875 6 05 Cash 152,375 Due from State Government 152,375 Req A1 Reg A2 Req B ReqC Prepare closing entries for year-end. (If no entry is required for a transaction/event, select "No Journal Entry Required" first account field.) Credit No 1 Transaction 1 Debit 517,500 163,875 General Journal Phone Tax Revenue Intergovernmental Revenues Current Expenditures911 Operations Current Expenditures911 Training Fund Balance 459,000 163,875 58,500 Nog A1 og D Reg A1 Reg A2 Reg B Reqc Prepare a statement of Revenues, Expenditures, and Changes in Fund Baland NEWPORT CITY 911 CALL CENTER SPECIAL REVENUE FUND Statement of Revenues, Expenditures, and Changes in Fund Balance For the Year Ended December 31, 2020 911 Emergency Services Revenues: Phone Taxes Receivable $ 517,500 Intergovernmental Revenues 163,875 681,375 Total Revenues Expenditures: Current 911 Operations 911 Training 459,000 163,875 Total Expenditures Excess of Revenues Over Expenditures Net Change in Fund Balance Fund Balance, January 1 Fund Balance, December 31 622.875 58,500 58,500 $ 58,500