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In: AccountingProvide complete answers to the following two problems:Describe the differences in cash flow statements required...Provide complete answers to the following two problems:Describe the differences in cash flow statements required byGASB standards when compared with cash flow statements required byFASB standards.The Village of Watkins Glenn operated an educational programfor at-risk middle school children. Businesses and nonprofitorganizations sponsor the children and pay the registration fee.The following cash receipts were collected:Registration 310,000Cash loan from bank      65,000The following cash disbursements were made:Payroll taxes 30,600Labor 102,800Insurance 12,400Interest 3.050Purchase school bus 62,000.Required:Prepare the journal entries to record revenues anddisbursements if the city treats the program as an enterprisefundPrepare the journal entries to record revenues anddisbursements if the city treats the program as a special revenuefund.