Chapter 9 Adjusting and Closing Entries for Governmental Activities, Government-Wide Level; Preparation of Government-Wide and Major Fund Financial Statements

Before the 2020 basic financial statements, both government-wide and fund, can be prepared for the City of Bingham, you must first record and post adjusting and closing entries for governmental activities as described below.

a.[Para. 9a] Record depreciation expense for the year 2020 in the governmental activities general journal at the government-wide level using the following information.Verify accuracy of the adjusting entries and post to the general ledger by clicking [Post Entries].

Depreciation Expense Applied to Functions:

General Government $705,000

Public Safety1,409,000

Public Works528,000

Health and Welfare351,000

Culture and Recreation 351,000

Total depreciation expense$3,344,000

Depreciation Applicable to Asset Categories (Increases in accumulated depreciation):

Improvements Other Than

Buildings$197,000

Infrastructure639,000

Buildings502,000

Equipment 2,006,000

Total depreciation expense$3,344,000

b.[Para. 9b] Provide the journal entries to reclassify the current portion of long-term debt related to the two serial bonds payable.