19.2) The following are transactions for the city of Franklin.

a. Borrowed $20,000 by issuing a two-year note.

b. Purchased equipment for $6,000 cash.

c. Licenses for $700 were billed on account.

d. Accrued employee salary costs of $7,000.

e. Depreciation expense on equipment for year, $1,000.

Required:

Analyze the above transactions by using the accounting equation for a proprietary fund.

Proprietary fund equation	a	b	c	d	e
Current assets
Noncurrent assets
Current liabilities
Noncurrent liabilities
Net Position