The trial balance for the General Fund of the City of Bigfork as of December 31, 2014 is presented below: CITY OF BIGFORK The General Fund Adjusted Trial Balance December 31, 2014 Transactions for the year ended December 31, 2015 are summarized as follows: 1. The City Council adopted a budget for the year with estimated revenue of $600,000 and appropriations of $500,000. (Journal entry completed by instructor) 2. Property taxes in the amount of $450,000 were levied for the current year. It is estimated that $59,000 of the taxes levied will prove to be uncollectible. (Journal entry completed by instructor) 3. Proceeds from the sale of equipment in the amount of $10,000 were received by the General Fund. The equipment was purchased four years ago with resources of the General Fund at a cost of $200,000. On the date it was purchased, it was estimated that the equipment had a useful life of six years. (Journal entry completed by instructor) 4. Licenses and fees in the amount of $50,000 were collected. (Journal entry completed by instructor) 5. The total amount of encumbrances against fund resources for the year was $475,000. (Journal entry completed by instructor) 6. Vouchers in the amount of $425,000 were authorized for payment. This was $20,000 less than the amount originally encumbered for these purchases. (Journal entry completed by instructor) 7. An invoice in the amount of $26,000 was received for goods ordered in 2014. The invoice was approved for payment. (Journal entry completed by instructor) 8. Property taxes in the amount of $390,000 were collected. (Journal entry completed by instructor) 9. Vouchers in the amount of $350,000 were paid. (Journal entry completed by instructor) 10. Twenty-five thousand dollars was transferred to the General Fund from the H2O Fund. (Journal entry completed by instructor) 11. The City Council authorized the write-off of $10,000 in uncollected property taxes. (Journal entry completed by instructor) Required: 1st - Prepare the Year Ended 12/31/2015 Income Statement; 2nd Year-End closing entries; 3rd - Statement of Fund Balance 4th - The 12/31/2015 --- Balance Sheet Journal Entries provided below: 9 Points Closing Entries 9 Points 9 Points 9 Points