Prepare in good form a Balance Sheet for the General Fund as of the end of fiscal year, December 31, 2020. The Balance Sheet of the Street and Highway Fund of the City of Monroe as of December 31, 2019, follows. CITY OF MONROE Street and Highway Fund Balance Sheet As of December 31, 2019 Assets Cash $19,000 Investments 63,000 Due from state government 107,000 Total assets $189,000 Liabilities and Fund Equity Liabilities: Accounts payable $10,000 Fund equity: Fund balance—assigned for streets and highways 179,000 Total liabilities and fund equity $189,000 3–C. This portion of the continuous problem continues the General Fund and special revenue fund examples by requiring the recording and posting of the budgetary entries. To reduce clerical effort required for the solution use control accounts for the budgetary accounts, revenues, expenditures and encumbrances. Subsidiary accounts are not required. Budget information for the City includes: Also as of January 1, 2020, the City Council approved and the mayor signed a budget for the Street and Highway Fund that provided for estimated revenues from the state government in the amount of $1,068,000 and appropriations of $1,057,000. Record the budget and post to the ledger. 4–C. Part 2. Special Revenue Fund Transactions Required: a. Record journal entries for the following transactions for FY 2020 and post to the general ledger. As there are relatively few revenues and expenditures, the use of control accounts is not necessary. (Make entries directly to individual revenue and expenditure accounts). (2) The state government notified the City that $1,067,500 will be available for street and highway maintenance during 2020 (i.e. the City has met eligibility requirements). The funds are not considered reimbursement-type as defined by GASB standards. (3) Cash in the total amount of $997,000 was received from the state government. (4) C