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1. The City of Madison, a general purpose government, reported fund balances in the amount of $19,700,000 in the govermmental funds balance sheet dated December
1. The City of Madison, a general purpose government, reported fund balances in the amount of $19,700,000 in the govermmental funds balance sheet dated December 31, 2017. In addition, the following information is relevant: 1 A. General government capital assets amounted to $28,000,000. Accumulated depreciation of those capital assets amounted to $13,000,000. Enterprise fund capital assets amounted to S 17.000,000 with accumulated depreciation of $ 8,400,000 Internal service fund's net assets amounted to $2,500,000. These were reported in the proprietary funds fund basis statements but serve departments in the General Fund. Property Taxes, which should be recognized as revenue in the government-wide statements, amounted to $ 200,000. The balance of deferred inflows -property taxes from the previous year was S 170,000 B. C. D Liabilities, in addition to the amount reported in the governmental funds balance sheet included accrued interest payable, 5300,000 General long-term liabilities of the government amounted to (1) general obligation bonds of S 6,000,000 and (2) compensated absences payable of $1,500,000. Revenue Bonds Payable in the enterprise fund totaled $ 2,000,000 E. Required: Prepare a reconciliation from the fund balances recognized in the governmental funds balance sheet to the Net Position recognized in the governmental funds column of the government-wide statement of Net Position
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