8C. Assemble the following from previous continuous problems: (1) the governmental funds Balance Sheet and Statement of Revenues, Expenditures, and Changes in Fund Balances from Section 5C; (3) the proprietary funds Statement of Net Assets and Statement of Revenues, Expenses, and Changes in Fund Net Assets from Section 6C. Required: 1. Start a worksheet for adjustments, using the trial balance format illustrated in the text (i.e. list accounts with debit balances first, then accounts with credit balances). Enter the balances from the governmental funds financial statements prepared for Section 5-C. Enter debits balances as positives and credit as negatives. When doing this, follow the following guidelines: Net Assets: Use a single accomlt for net assets (which will include the beginning balance of all fund balance accounts). Intergovernmental Revenues: When setting up the worksheet, set up separate lines for the intergovernmental revenues as follows: State Grant for Highway and Street Maintenance 35 1,085,000 Operational GrantGeneral Government 312,000 Capital GrantPublic Safety 1,000,000 Capital Assets: It is not necessary to set up separate lines for different classes of capital (fixed) assets or accumulated depreciation (simply use one row for Capital Assets and another for Accumulated Depreciation). Confirm that the total debits and credits equal 55 20,593,850 2. Prepare worksheet entries and post to the worksheet for the following items. Identify each adjustment by the letter used in the problem: a. Record the January 1, 2014 balances of general fixed assets and related accumulated depreciation accoruits. The City of Monroe had the following balances (excluding Internal Service Funds): Accumulated Cost Depreciation Land 5,200,000 - Buildings 30,000,000 18,000,000 Improvements Other than Buildings 27,000,000 9,000,000 Equipment 8,500,000 4,200,000 Totals 70,700,000 31,200,000 14