The following transactions represent situations frequently encountered in accounting for municipal governments. each transaction is independent of the others: the city council of abc city adopted a budget for the general operations of the government during the new fiscal year. revenues were estimated at $695,000. legal authorizations for budget expenditures were $650,000.taxes of $160,000 were levied for the special revenue fund of middletown. one percent was estimated to be uncollectible.(a) on july 25, 2018, office supplies estimated to cost $2,390 were ordered for the city manager’s office of bullville. bullville, which operates on a calendar year, does not maintain an inventory of such supplies.(b) the supplies ordered july 25 were received august 9, 2018, accompanied by an invoice of $2,500.on october 10, 2018, the general fund of wellington repaid to the utility fund a loan of $1,000 plus $40 interest. the loan had been made earlier in the fiscal year. a prominent citizen died and left the city undeveloped land for a school site. the donor’s cost fo the land was $55,000. the fair value of the land was $85,000.(a) on march 6, 2018, the city issued of 6% special assessment bonds payable march 6, 2023 at face value of $90,000. interest is payable annually. the city, which operates on a calendar year basis, will supervise the use of the proceeds to finance a curbing project.(b) on october 26, 2018, the full 84,000 cost of the completed curbing project was recorded and charged to the citizens benefitting from the project.(a) a citizen donated common stock valued at $22,000 to the city under a trust agreement. under the terms of the agreement, the principal amount is to be kept intact; use of revenue from the stock is restricted to financing college scholarships for needy students.(b) on december 14, 2018, dividends of $1,100 were received on the stock donated by the citizen. on february 23, 2018, the town of lincoln, which operates on a calendar year basis, issued 5% general obligation bond with a face value of $300,000 payable february 23, 2028, to finance an addition to the city hall. total proceeds were $308,000.required: for each situation above prepare the required journal entry(entries) in the fund financial statements.