During the year, the State notified the Village that 500,000 for the Street and Highway Fund will be awarded for work performed on several bridges over the next two years. The grant is a cost reimbursement arrangement (no budget entry is necessary). During the year, the Village signed contracts for bridge repairs that amounted to438,000. The bridge repairs were completed, and an invoice was received for 435,000, of whiCH₃48,000 was paid in cash. The special revenue fund reimbursed the General Fund for a payment the General Fund made on behalf of the Street and Highway Fund in the amount of 1,800. This amount is not related to the bridge repairs under the state grant. The state government paid the Village412,000 on work completed under the grant before year-end. What are the journal entries for the above transactions? Prepare Closing entries for year-end. What is the Statement of Revenues, Expenditures, and Changes in Fund Balance for the special revenue fund? What is the Balance Sheet?