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1. The Town of Apple Pie, a general purpose government, reported a net position in the amount of $15,250,000 in the governmental funds balance sheet
1. The Town of Apple Pie, a general purpose government, reported a net position in the amount of $15,250,000 in the governmental funds balance sheet dated December 31, 2020. In addition, the following information is relevant:
- General government capital assets amounted to $44,850,000. Accumulated
- depreciation of those capital assets amounted to $21,360,000. Enterprise fund capital assets amounted to $5,870,000 with accumulated depreciation of $2,750,000.
- Internal service fund's net position amounted to $625,000. These were reported in the proprietary funds fund basis statements but serve departments in the Governmental Funds.
- Deferred revenue for property taxes recorded in the funds at December 31, 2020 amounted to $620,000.
- Long-term liabilities of the general government amounted to (1) general obligation bonds of $6,150,000 and (2) compensated absences payable of $425,000. Revenue Bonds Payable in the enterprise fund totaled $1,875,000.
Required: prepare a reconciliation at December 31, 2020 to reconcile the fund balances in the governmental funds balance sheet to the net position recognized in the governmental activities in the government-wide statement of net position.
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