The following information is provided about the Town of York's General Fund operating statement and budgetary accounts for the fiscal year ended September 30, 2016.
Estimated revenues........................................................ $32,150,000
Revenues ................................................................... 32,190,000
Appropriations.............................................................. 32,175,000
Expenditures................................................................. 32,185,000
Fund Balance-Unassigned September 30, 2015....................... 500,000
Required
a. Prepare the journal entry to record the budget.
b. Did the Town of York engage in imprudent budgeting practice by authorizing a greater amount of expenditures than revenues estimated for the year, or potentially violate town or state balanced-budget laws?
c. Calculate the end-of-year balance for the Fund Balance-Unassigned that would be reported on the town's balance sheet prepared as of September 30, 2016. Show all necessary work.