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On January 1, 2017, the first day of its fiscal year, CarterCity received notification that a federal grant in the amount of$580,000 was approved. The grant was restricted for the payment ofwages to teenagers for summer employment. The terms of the grantpermitted reimbursement only after qualified expenditures have beenmade; the grant could be used over a two-year period. The followingdata pertain to operations of the SUMMER EMPLOYMENT GRANTFUND, a special revenue fund of Carter City, during the yearended December 31, 2017.

1. The budget was recorded. It provided for Estimated Revenues forthe year in the amount of $290,000, and for Appropriations in theamount of $290,000.
2. A temporary loan of $290,000 was received from the GeneralFund.
3. During the year, teenagers earned and were paid $278,200 underterms of the Summer Employment program. An additional $9,000 isaccrued as payable on December 31. Recognize the receivable andrevenue (include the $9,000 of wages payable).
4. Each month a properly documented request for reimbursement wassent to the federal government; checks for $283,000 werereceived.
5. $256,200 was repaid to the General Fund.
6. Necessary closing entries were made.

Prepare the journal entry for the year ended December 31 of theSummer Employment Grant Fund.