27. On January 1, 2008, a city government leased the following pieces of equipment. Each lease qual¬ ifies as a capital lease. Initial payments are on December 31, 2008. An interest rate of 10 percent is viewed as appropriate. No bargain purchase options exist.

Annual Total Present Value Fund Payments Payments of Total Payments General (5-year life). $8,000 $40,000 $33,350 Enterprise (6-year life) . 6,000 36,000 28,750

a. What balances should be reported on government-wide financial statements for December 31, 2008, and the year then ended?

b. What balances should be reported on fund-based financial statements for December 31, 2008, and the year then ended?