8-10.) The City of South Pittsburgh maintains it books so as to prepare fund accounting statements and records worksheet adjustments in order to prepare government-wide statements. You are to prepare, in journal form, worksheet adjustments for each of the following situations: 1.) Deferred property taxes of $89,000 at the end of the previous fiscal year were recognized as property tax revenue in the current years Statement of Revenue, Expenditures, and Changes in Fund Balance. 2.) The City levied property taxes for the current fiscal year in the amount of $100,000,000. When making the entries, it was estimated that 2 percent of the taxes would not be collected. At year-end, $600,000 of the taxes had not been collected. It was estimated that $300,000 of the amount would be collected during the 60-day period after the end of the fiscal year and that $100,000 would be collected after that time. The City had recognized the maximum of property taxes allowable under modified accrual accounting. 3.) In addition to the expenditures recognized under modified accrual accounting, the City computed that $250,000 should be accrued for compensated absences and charged to public safety. 4.) The Citys actuary estimated that the annual required contribution (ARC) under the Citys public safety employees pension plan is $229,000 for the current year. The City however, only provided $207,000 to the pension plan during the current year. 5.) In the Statement of Revenues, Expenditures, and Changes in Fund Balances, General Fund transfers out included $500,000 to a debt service fund, $600,000 to a special revenue fund, and $900,000 to an enterprise fund. Chapter 9 9-5.) Southern State University had the following, account balances as of June 30, 2012. Debits are not distinguished from credits, so assume all accounts have a normal balance: Accounts receivable..$325,000 Accounts payable265,000 Cash and cash equivalents154,000 Deferred revenue----current.220,000 Endowment investments..6,123,000 General obligation bonds payable (related to capital acquisition).1,250,000 Inventories.330,000 Short-term investmentsunrestricted1,444,000 Net assets---restricted----nonexpendable..6,123,000 Restricted cash and cash equivalents92,000 Capital assets, net of depreciation..7,226,000 Revenue bonds payable (related to capital acquisition)..2,200,000 Long term investments.1,683,000 Long-term liabilitiescurrent portion (related to capital acquisition)..200,000 Net assetsrestricted---expendable 1,775,000 Net assetsinvested in capital assets, net of related debt..? Net assetsunrestricted? Required: Prepare, in good form, a Statement of Net Assets for Southern State University as of June 30, 2012. Chapter 10 10-8.) On January 1, 2012, a foundation made a pledge to pay $30,000 per year at the end of each of the next five years to the Cancer Research Center, a nonprofit voluntary health and welfare organization as a salary supplement for a well known researcher. On December 31, 2012, the first payment of $30,000 was received and paid to the researcher. 1.) On the books of the Cancer Research Center, record the pledge on January 1 in the temporarily restricted asset class, assuming the appropriate discount rate is 5 percent on an annual basis. The appropriate discounts factor is 4.33. 2.) Record the increase in the present value of the receivable in the temporarily restricted net asset class as of December 31. 3.) Record the receipt of the first $30,000 on December 31 and the payment to the researcher. Indicate in which asset class (unrestricted, temporarily restricted) each account is recorded