1. [40 points] Moffat County had the following transactions. Prepare the entries first for fund financial statements and then for government-wide financial statements.

1. The county budget for FY19/20 is: tax revenue, $1,250,000; approved expenditures, $1,175,000.
2. Property taxes of $1,325,000 are assessed. The assessment is a legally enforceable claim according to the laws of this state. The money to be received is designated for the current fiscal year. 90 percent will be collected during the current year. An additional 6 percent during the next fiscal year, but in time to be available to pay current period claims. The remainder is expected to be uncollectible.
3. A contract is signed to build a new county courthouse and 0ffice building at a cost of $12 million. A budget for this project has previously been recorded.
4. Bonds are sold for $13.5 million (face value) to finance the new building.
5. The new building is completed and an invoice for $13.25 million is paid. The building will have a life of 50 years with no salvage value. The county uses straight-line depreciation.
6. $2 million of unrestricted cash is set aside to begin paying the bonds issued in (d).
7. A portion of the bonds comes due and $2 million is paid. Of this total, $150,000 represents interest. The interest had not been previously accrued.
8. Cash of $180,000 is received from a county gas tax; restricted for road maintenance.
9. The county received investments valued at $500,000 as a donation from a grateful citizen. Income from these investments must be used to improve the county park.
10. The restricted fund for parks reports $22,500 of interest income. The county transfers $17,000 cash to a capital projects fund to expand the county park.
11. The county spends $5,000 for an empty lot next to the park.
12. Constructs an open-air pavilion in the park for $7,500 cash. It is put into service on July 1 and should last 10 years with no salvage value.
13. Builds a baseball field in the park for $4,500 cash and puts it into service on July 1. It should last for 10 years, but the county plans to maintain it so that it will last almost indefinitely.
14. Buys fire station supplies for $3,500 cash and uses $2,800 of them during FY19/20.
15. During the year pays salaries of $48,000 for the fire department.