The trial balance of the General Debt Service Fund at January 1, 20X4, is: Harvey City General Debt Service Fund Trial Balance January 1, 20X4 Debit Credit Cash $ 171,350 Investments 1,237,000 Taxes ReceivableDelinquent 52,000 Allowance for Uncollectible TaxesDelinquent $ 5,800 Interest and Penalties Receivable 10,900 Allowance for Uncollectible Interest and Penalties 3,500 Deferred Revenues 50,000 Fund Balance 1,411,950 Totals $1,471,250 $1,471,250 The fund balance is restricted. TRANSACTIONS AND EVENTS20X4GENERAL DEBT SERVICE FUND The city levied $300,000 of special property taxes that are restricted by statute and by bond indentures for the servicing of general obligation bonds. One percent (1%) of the taxes is expected to be uncollectible. The city collected $246,800 of property taxes before the due date for taxes. The remainder of the taxes receivable became delinquent. The city levied interest and penalties of $6,650 on the overdue taxes receivable. $1,370 of the interest and penalties is expected to prove uncollectible. The interest and penalties on taxes are restricted for debt service as well. The city collected $41,040 of delinquent taxes and $5,130 of interest and penalties receivable. The city wrote off uncollectible taxes receivable of $4,370 and related interest and penalties of $1,370. Investments that cost $1,000,000 were sold for $1,050,000. Investment income is not restricted, but is retained in the fund to be used for debt service if needed. The city paid interest of $800,000 on bonds payable and retired $500,000 of principal. $45,050 of the December 31, 20X4, balance of delinquent taxes receivable and $6,950 of the December 31, 20X4, balance of interest and penalties receivable are not expected to be collected within the first 60 days of 20X5. (The January 1, 20X4, delinquent taxes receivable balance included $43,100 of taxes that were collected after the first 60 days of 20X4, and the January 1, 20X4, interest and penalties receivable balance included $6,900 of interest and penalties on taxes that were collected after the first 60 days of 20X4.) (Hint: Deferred revenues must be adjusted.) The fair value of investments at year end was $254,000.