The following General Fund information is available for the preparation of the financial statements for the City of Pine Cove for the year ended December 31, 2017.

\begin{array}{lr}\text{Revenue}\\\text { Property taxes } & \$ 26,400,000 \\\text { Sales taxes } & 10,150,000 \\\text { Fines and forfeits } & 1,320,000 \\\text { Licenses and permits } & 2,160,000 \\\text { Intergovernmental } & 890,000 \\\text { Investment earnings } & 660,000\\\text {Expenditures: }\\\text {Current: }\\\text { General government } & 8,200,000 \\\text { Public safety } & 21,000,000 \\\text { Public works } & 6,300,000 \\\text { Health and sanitation } & 1,200,00 \\\text { Culture and recreation } & 12,160,00\\\text{Other}\\\text { Encumbrances } & 100,000 \\\text { Appropriations } & 40,000,000 \\\text { Estimated Revenues } & 42,000,000 \\\text { Transfer to debt service fund } & 1,130,00 \\\text { Special item-proceeds from sale of land } & 760,000 \\\text { Fund balance, January 1, 2017 } & 7,600,000\end{array}

Required: From the information given above, prepare, in good form, a General Fund Statement of Revenues, Expenditures, and Changes in Fund Balances for the City of Pine Cove for the Year Ended December 31, 2017.

Which of the Following Is True Regarding Component Units

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