The City of Waterville applied for a grant from the #6784

The City of Waterville applied for a grant from the state government to build a pedestrian bridge
over the river inside the city's park. On May 1, 2017, the city was notified that it had been
awarded a grant of up to $200,000 for the project. The state will provide reimbursement for
allowable expenditures. On May 5 the special revenue fund entered into a short-term loan with
the General Fund for $200,000, so it could start bridge construction. During FY2017 the special
revenue fund expended $165,000 for allowable bridge construction costs, for which it submitted
documentation to the state. Reimbursement was received from the state on December 13,
2017.RequiredFor the special revenue fund, provide the appropriate journal entries, if any, that
would be made for the following. (Assume the city has a fiscal year-end of December 31.)1. May
1, 2017, notification of grant approval.2. May 5, 2017, loan from General Fund.3. During FY
2017, bridge expenditures and submission of reimbursement documentation.4. December 13,
2017, receipt of the grant reimbursement funds.5. December 31, 2017, adjusting and closing
entries.View Solution:
The City of Waterville applied for a grant from the

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