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The following tranasctions relate to Newport City's special revenue fund. 1. In 2020, Newport Oity created a speclal revenue fund to help fund the 911 emergency calt centec. The center is to be funded through a legally restricted tax on cellular phones. No budget is recorded. 2. During the first yoar of operations, tevenues from the newly imposed tax lotaled $507,500,08 ofis amount, $456,750 has been received in cash and the remainder will be received within 60 dbys of the end of the flscal your. 3. Expenditures (salaries) incurred through the operation of the 911 emergency call center fotaled $454000.0 of this amount, \$421.685 was pold before year-end. 4. During the year the state government awarded Newport City a grant to reimburse the Cay's costs lnot to exceed $166,500 ) for the purpose of training new 911 operators. During the yoar, the Cty paid 5159,175 inot reflected in the expenditures above) to train new operators for the 911 emergency call center and billod the state government. 5. 5148,675 of the amount bilied to the Stote hod been received by year-end. Aequired: a. Prepare the joumal entries for the above transactions, It is not necessary to use control accounts and subsidiary ledgers. Prepare closing entries for year-end. b. Prepare a Statement of Revenues. Expenditures, and Changes in Fund Bolance for the special revenue fund. c. Prepare a Balance Sheot assuming there are no commitied or assigned net resources: Complete this question by entering your answers in the tabs below

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