The General Fund of the City of Davis Fort has a total fund balance of $1,000,000 as of its fiscal year-end, December 31, 2019. Please review the following additional information regarding its General Fund activities and determine how much fund balance should be classified as nonspendable, restricted, committed, assigned, and unassigned. Show the calculations necessary for making the fund balance determinations. 1. The balance sheet of the City of Davis Fort showed $100,000 of inventory on December 31,2019 The highest level of decision making authority for the city (the city council) passed an ordinance that any royalty payments received from oil production on city property must be used for city park maintenance. At year-end, the city had not spent $220,000 of the oil royalty proceeds that it had received. The General Fund made a long-term loan of $60,000 to the Civic Center Capital Projects Fund during 2019. None had been repaid by December 31, 2019, and none is expected to be repaid until 2022. The city council of the City of Davis Fort approves its 2020 budget in December, 2019. It appropriates $110,000 of the December 31, 2019 fund balance to eliminate an anticipated General Fund budget deficit in the 2020 budget. The anticipated budget deficit is the result of expected 2020 expenditures exceeding expected 2020 revenues The General Fund receives a grant from a local foundation that must be used for park maintenance. The grant had no time restrictions. At year-end, the General Fund had unspent resources of $10,000. (The City decided to account for this in the General Fund because it is considered immaterial and most of the grant proceeds had been spent in 2019.) 2. 3. 4. 5. 6.The city council authorized the city's finance director to set aside a portion of General Fund balance for future repairs to the city's administrative building During 2019, the finance director set aside $20,000; none of which had been spent at year-end