Palo alto city has operated a city utility (enterprise) fund for a number of years. the fund accounts for the activities of the city-owned electric, water and sewer systems. during the current year, the city engaged in the following transactions related to the city utility fund. required: prepare the appropriate journal entries. if none is required, write "no entry required." the city received $1 million from a developer to connect new houses to the existing utility lines. the city billed its customers $750,000 for services provided during the year. depreciation on existing physical plant was $400,000. revenue bonds in the amount of $5 million were issued at par to finance new construction. the bond agreement requires that the city retain $400,000 of the bond proceeds for purposes of servicing the debt if revenues are not sufficient to do so.