The following account balances, among others, were included in the preclosing trial balance of the General Fund of the City of Madison on December 31, 2021.

Appropriations ...............................................................    $3,488,000

Cash ..................................................................................        270,000

Due to Other Funds .........................................................       100,000

Due from Other Funds ....................................................       250,000

Encumbrances .................................................................       382,000

Estimated Revenue ..........................................................   3,720,000

Expenditures .....................................................................  3,020,000

Expenditures—2020 .........................................................     296,000

Fund Balance—Assigned (Encumbrances) .....................    692,000*

Revenue 3,656,000

Taxes Receivable 600,000

Transfers from Other Funds ...........................................    300,000

Transfers to Other Funds ................................................    520,000

Fund Balance—Unassigned ............................................    422,000

Vouchers Payable  ............................................................    400,000

* $310,000 are for encumbrances from 2020

Required:

A. Prepare the necessary closing entries on December 31, 2021.

B. Calculate the amount of both the fund balance—unassigned and the total fund balance in the balance sheet (1) on December 31, 2020 and (2) on December 31, 2021.

C. Prepare a schedule reconciling the December 31, 2020, total fund balance with the December 31, 2021, total fund balance by reference to actual inflows and outflows of financial resources.