12 Washington City is preparing its government-wide financial statements from its fund financial statements. Washington City records deferred revenue with a book value of $425,000 and compensated

absences of $50,000 at the beginning of the year. During the year, these accounts increased by $30,000 and $9,000, respectively. What journal entries must Washington City include in its

government-wide financial statement spreadsheet relating to deferred revenues and compensated absences? Make 1 journal entry for the deferred revenue and a second entry for the compensated absences.