Following is the governmental activities pre-closing trial balance for the Town of Freaz. Freaz is a relatively small town and, as a result, it has only governmental funds (i.e., it uses no proprietary funds). There are no component units. To complete the financial statements for its annual report, the town must prepare a government-wide statement of net assets and a statement of activities.

 

	TOWN OF FREAZ
	Pre-Closing Trial Balance
	As of June 30, 2011
	(000s omitted)
	Debits	Credits
Cash	$3,639
Investments	7,299.00
Taxes Receivable - Delinquent	5,788.00
Estimated Uncollectible Delinquent Taxes		$49
Due from Other funds	645.00
Due from other governments	6,343.00
land	8,720.00
buildings	25,680.00
Accumulated depreciation - buildings		8,021
Infrastructure	85,768.00
Accumulated depreciation - infrastructure		45,603
machinery & Equipment	28,720.00
Accumulated depreciation - machinery & equipment		13,785
Accounts payable		7,764
Accrued liabilities		4,765
Due to other funds		748
current portion of long-term debt		8,600
bonds payable		28,700
net assets - invested in capital assets,
net of related debt		44,179
net assets - restricted for debt service		2,123
net assets - unrestricted		7,678
program revenues - general government-		4,411
charges for services
program revenues - public safety
charges for services		996
program revenues - parks & recreation
charges for services		359
program revenues - general government-
operating grants & contributions		307
program revenues - public works
capital grants & contributions		1,680
Genaral revenues- property taxes		13,665
general revenues - interest & penalties		746
general revenues - interest income		345
expenses - general government	2,468.00
expenses - public safety	11,577.00
expenses - public works	5,311.00
expenses - parks and recreation	1,817.00
expenses - interest on long-term debt	749.00
	$194,524	$194,524

Required:
Using the trial balance provided by the town, prepare a government-wide statement of activities and a statement of net assets. Restricted net asets for debt service increase $ 87 (000s omitted) for the period.