The state government administers a special revenue fund, the Fis Fund. By legislation, revenue in this fund can be used only for the purpose of protection, propagationand restoration of sport fish and game resources and the expenses of administering sport fish and wildlife programs. Revenues are received from the sale of state sport fishing and hunting licenses and special permits as well as money received from fines imposed on individu- als violating state hunting and fishing laws. The fund began in 2020 with the following balances: Debits Credits $ 68,000 Accounts Payable Cash License Fees Receivable Supplies Fund Balance Wagos Payable Total $200,000 129.000 5,000 265.000 1.000 $334,000 $334.000 1. The State adopted a budget for the Fish and Game Fund provid- ing estimated revenues of $1.450,000, appropriations of $1,680,000, and anticipated transfers from the State's General Fund of $300,000. All expenditures, other than capital expenditures, are to be charged to Current Expenditures-Wildlife Management. 2. At the end of 2019, there were outstanding purchase orders for hatchery supplies totaling $26,000 that will be received in the current year. It is the State's policy to honor outstanding purchase orders from the previ- ous year. 3. Hunting and fishing licenses are sold by outfitters and outdoor equip- ment retailers and are remitted to the State by the 15th of the following month. During 2020, the State received $1.268,000 in cash for licenses. which includes the amount accrued at the end of the previous year. In addition, it is estimated $102,000 will be received in January 2021 for December 2020 sales. 4. During the year, the State received an additional $212.000 for fines lev- ied against individuals violating state hunting and fishing laws. 5. The State operates fish hatcheries for its stocking program. During the year, the State placed orders totaling $281.000 for hatchlings, feed, and other supplies. These are in addition to the outstanding purchase orders from 2020. 6. The State received supplies at an invoice cost totaling $288,200 for hatchery supplies. The related encumbrances for these items totaled $289,000 (this includes the $26,000 issued in 2019). 7. Payments of accounts payable totaled $312,000 in 2020. 8. The General Fund provided $300,000 to the Fish and Game Fund for the acquisition of a new fish hatchery. This amount was received in 2020. 9. A purchase order was awarded to Aquatics Construction Company for the new hatchery in the amount of $300,900. The contract was com- pleted and capital expenditures for the new hatchery were paid in the amount of $300,900. 10. Wages were paid during the year in the amount of $981,000. This includes the unpaid amounts accrued at the end of the previous year. 11. Unpaid wages related to the last pay period of 2020 totaled $2,500 and will be paid in January 2021. 12. At December 31, the unused hatchery supplies on hand totaled $15,000. Required: Use the Excel template provided. A separate tab is provided in Excel for each of these steps. a. Prepare journal entries to record the information described in items 1 to 12. b. Post these entries to T-accounts. c. Prepare closing journal entries; post to the T-account provided. Classify fund balances assuming all spendable net resources are classified as Restricted. d. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the special revenue fund for the year ending 2020. e. Prepare a Balance Sheet for the special revenue fund as of December 31, 2020