The trial balance for the General Fund of the City of Fairfield as of December 31, 2020, is presented here: City of Fairfield The General Fund Adjusted Trial Balance December 31, 2020 Debit Credit Cash $430,000 Property Tax Receivable 45,000 Estimated Uncollectible Taxes $ 20,000 Due from Trust Fund 50,000 Vouchers Payable 60,000 Fund Balance-Assigned (encumbrances) 30,000 Fund Balance-Unassigned 415,000 $525,000 $525,000 Transactions for the year ended December 31, 2021, are summarized as follows: 1. The City Council adopted a budget for the year with estimated revenue of $735,000 and appropriations of $700,000. 2. Property taxes in the amount of $590,000 were levied for the current year. It is estimated that $24,000 of the taxes levied will prove to be uncollectible. 3. Proceeds from the sale of equipment in the amount of $35,000 were received by the General Fund. The equipment was purchased 10 years ago with resources of the General Fund at a cost of $150,000. On the date of purchase, it was estimated that the equipment had a useful life of 15 years. 4. Licenses and fees in the amount of $110,000 were collected. 5. The total amount of encumbrances against fund resources for the year was $642,500. 6. Vouchers in the amount of $455,000 were authorized for payment. This was $15,000 less than the amount originally encumbered for these purchases. 7. An invoice in the amount of $28,000 was received for goods ordered in 2020. The invoice was approved for payment. 8. Property taxes in the amount of $570,000 were collected. 9. Vouchers in the amount of $475,000 were paid. 10. Fifty thousand dollars was transferred to the General Fund from the Trust Fund. 11. The City Council authorized the write-off of $30,000 in uncollected property taxes. Required: A. Prepare entries in general journal form to record the transactions for the year ended December 31, 2021. B. Prepare a preclosing trial balance for the General Fund as of December 31, 2021. C. Prepare the necessary closing entries for the year ended December 31, 2021. D. Prepare a balance sheet and a statement of revenues, expenditures, and changes in fund balance for the General Fund for the year ended December 31, 2021