The accompanying table was drawn from the City of Fort Leah's schedule of long-term liabilities (all amounts in thousands).
1. Prepare the entry in the city's general fund to record the transactions affecting compensated absences during the year.
2. Prepare the entries to reflect the compensated absence transactions in the city's government-wide statements.
3. Prepare the entries in the capital projects and debt service funds to record the issuance and retirement of general obligation debt.
4. Prepare the entries to reflect the issuance and retirement of the general obligation debt in the government-wide statements.
5. Pension accounting is discussed in Chapter 10, which deals with fiduciary funds. However, based on what you know about expenditures and obligations in govern mental funds, discuss the significance of the $47 million addition to, and $53.5 million reduction in, ''net pension obligation.''
6. The city recently signed a five-year lease to rent space in an office building. Annual rent was $100,000 per year.
Where, if at all, on the schedule would the rent liability appear?Explain.