Alto City properly records its financial transactions using both the Fund-Type basis (modified accrual) and the Government-Wide basis (full accrual) accounting methods. For each of the following transactions, list whether the item should be recorded as either an Asset (A), Liability (L) , Revenue (R), or Expense/Expenditure (E) by placing either an A, L, R, or E on the line provided. Note: For some items, more than one letter can be used. Please state if it belong under Fund Type or Government wide

Fund-Type Government-Wide

1. Purchased a new fire engine (estimated 15 year life)
2. Invested its surplus funds in equity investments.
3. Prepaid the rent for the next three months.
4. Made the monthly payment on a six-month lease.
5. Completed the construction of a new bridge.
6. Received a work of art from a donor.
7. Purchased a work of art.