Assume that the one component unit had program revenues of ($30,000) and expenses of ($42,000) and spent

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Assume that the one component unit had program revenues of \($30,000\) and expenses of \($42,000\) and spent \($10,000\) for land during Year 4. However, it should have been handled as a blended component unit, not as a discretely presented component unit. According to the information provided, the overall increase in net assets reported was \($140,000\). What was the correct overall change in the net assets in the government-wide financial statements?

The City of Wolfe has issued its financial statements for Year 4 (assume that the city uses a calendar year). The city maintains the General Fund made up of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for its art museum. It also has one discretely presented component unit.

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