$175.000 Conversion to government-wide inancial statements Harlan City, a small city with revenues less than $10,000,000 a year, is planning to issue its first set of GAAP financial statements for the year ended December 31, 2019. To prepare for the transition, the oty comptroller wants to have a government wide statement of net position as of January 1, 2019, the beginning of the year. The available information Includes extracts from the governmental funds portion of the balance sheet prepared as of December 31, 2018, together with other data necessary to prepare a government-wide statement of net position for governmental activities, cing the economic resources measurement focus and accrual basis of accounting The balance sheet for the combined governmental funds as of December 31, 2018, is as follows: Assets Cash Property taxes recable Total Liabilities Axourts the Mered sales and other expen 57000 Deferred Infows of Resources Dortyteverket Fund Malances 5000 2000 1000 14.000 TOLL 100.000 Use the preceding information to do the following 1. Prepare a secolumn worksheet similar to that shown in Table 10-8, providing the balances in the fund accounts, the adjusting entries needed to prepare a government wide statement of net position as of January 1, 2019, and the adjusted balances. Make the adjustments needed to prepare a government wide statement of net position, and support the adjustments with journal entries. (Hint: Reclassify the fund balance to net position. Because no statement of activities is required, the adjustments to report the additional assets and liabilities will directly affect net position) 2. Prepare a statement of net position as of January 1, 2019. in a classified format show the net position either as net investment in capital assets or as unrestricted 3. Prepare a reconciliation of the funds balance sheet to the government wide statement of net position 1. Prepare the adjusting entries and wor