Consider these transactions of the City of Somerville:
1. An investment pool that accumulates and invests money contributed by other governments invests $30,000 in securities.
2. Interest totaling $100,000 is paid on bonds used to finance sewer construction, where the bonds are the liability of the affected property owners, and the interest payment is financed by a special assessment on the property owners.
3. Property tax bills of $3,500,000 are sent out, to be used to finance primary government services. All bills are considered collectible.
4. Payment of $ 15,000 is made for the costs of public park programs, where the resources are provided by income from a grant provided by a private philanthropic institution. The principal of the grant must remain intact.
5. $80,000 in benefits are paid by an unemployment compensation benefit plan, funded by employers and required to cover its costs. Benefits are paid to all eligible citizens.
6. Interest of $20,000, due next year, is accrued on bonds used to finance a city parking garage that charges parking fees to the public.
7. Interest of $20,000, due next year, is accrued on bonds that finance general government activities.
Required
For each of the above transactions, prepare entries necessary to record the transactions in both the fund financial statements and the government-wide financial statements of the City of Somerville. For the government-wide entries, indicate whether the item is reported in governmental or business-type activities. For the fund entries, indicate which fund is affected.