All work must be shown in excel or if not all work much be shown on how you got you calculations and I will not accept or rate anything that is copy or pasted.

Circus City issued an 8%, 10-year $2,000,000 bond to build a monorail mass transit system.

The city received $1,754,217 cash from the bond issuance on January 1, 2012. The bond yield

is 10%. Interest is paid annually on December 31 of each year. Disclosure information about

capital assets is reported below.

Disclosure of Information about Capital Assets

for the Year Ending December 31, 2012

Primary Government

Governmental Activities Beginning Balance Additions Retirements Ending Balance

Land $ 500,000 $ 500,000

Building 760,000 760,000

Machinery and Equipment 950,000 $(225,000) 725,000

Construction in Progress $1,500,000 1,500,000

Infrastructure 450,000 450,000

Totals at historical cost $2,660,000 $1,500,000 $(225,000) $3,935,000

Less accumulated depreciation

Building (190,000) (59,150) (249,150)

Machinery and Equipment (235,000) (76,050) 140,000 (171,050)

Infrastructure (50,000) (33,800) (83,800)

Total accumulated depreciation $(475,000) $(169,000) $140,000 $(504,000)

Governmental activities capital

assets, net $2,185,000 $1,331,000 $ (85,000) $3,431,000

Depreciation expense charged to governmental activities as follows:

Public Safety $ 55,000

General Government 72,000

Highways and Streets 25,000

Sanitation 17,000

$169,000

Circus City's governmental funds financial statements are as follows:

Circus City

Governmental Funds

Fund Balance Sheets at December 31, 2012

Capital Projects Fund Debts Service Fund Total Governmental Funds

Assets General fund Monorail fund Term Bond Fund

Cash $ 64,000 $ 300,000 $ $ 364,000

Interest Receivable 12,000 4,000 16,000

Investments 100,000 1,250,500 100,000 1,450,500

Property Tax Receivable 183,000 183,000

Total Assets $347,000 $1,562,500 $104,000 $2,013,500

Liabilities and Fund Balance

Vouchers Payable $ 73,000 $ 50,000 $ 123,000

Total Liabilities $ 73,000 $ 50,000 $ $ 123,000

Fund Balances:

Unreserved 83,000 312,500 395,500

Reserved for Encumbrances 191,000 1,200,000 1,391,000

Debt Service 104,000 104,000

Total Fund Balance 274,000 1,512,500 104,000 1,890,500

Total Liabilities and Fund

Balances $347,000 $1,562,500 $104,000 $2,013,500

Circus City

Governmental Funds

Statement of Revenues, Expenditures, and Changes in Fund

Balances for the Year Ended December 31, 2012

Capital Projects fund Debt Service Fund Total Governmental Funds

General Fund Monorail Fund Term Bond

Revenues

Property Taxes $ 525,000 $ 50,000 $ 575,000

Licenses and Permits* 150,000 150,000

State Granthighways and

streets 250,000 250,000

Intergovernmentalstate grant $1,000,000 1,000,000

Charges for Services (general

government) 130,000 130,000

Investment Earnings 75,000 75,000

Total Revenue $1,130,000 $1,000,000 $ 50,000 $2,180,000

Expenditures

Public Safety $ 500,000 $ 500,000

General Government 300,000 300,000

Highways and Streets 130,000 130,000

Sanitation 70,000 70,000

Debt Service

Interest $160,000 160,000

Capital Outlay $1,500,000 1,500,000

Total Expenditures $1,000,000 $1,500,000 $160,000 $2,660,000

Excess (deficiency) of

revenues over expenditures $ 130,000 $ (500,000) $(110,000) $ (480,000)

Other Financing Sources (Uses)

Proceeds from long-term

capital debt $1,754,217 $1,754,217

Transfers in $160,000 160,000

Transfers out $ (160,000) (160,000)

Total other $ (160,000) $1,754,217 $160,000 $1,754,217

Special Items

Proceeds from sales of

equipment $ 115,000 $ 115,000

Net change in fund balance 85,000 1,254,217 50,000 1,389,217

Fund balancebeginning 189,000 258,283 54,000 501,283

Fund balanceending $ 274,000 $1,512,500 $104,000 $1,890,500

*Revenues from licenses and permits are assigned to highways and streets ($100,000) and to the

general government ($50,000).

Required:

Using the information above, prepare the statement of activities and the statement of net assets

on a government-wide basis (using full accrual accounting). The beginning fund balance

in the government-wide Statement of Net Assets is $2,686,283.