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Prepare the $2020$ statement of revenues, expenditures, and other changes in fund balance for Governmental Funds. Assume the city defines "available" as within $60$ days and that all funds qualify as major. Assume that major funds are labeled as "Special Revenue Fund" and "Capital Projects Fund." The general fund is used for debt repayment.

The City of Pfeiffer starts the year of $2020$ with the general fund and an enterprise fund. The general fund has two activities: education and parks$/$recreation$.$ For convenience, assume that the general fund holds $$123,000$ cash and a new school building costing $$1$ million. The city utilizes straight$-$line depreciation. The building has a $20-y=ar$ life and no residual value. The enterprise fund has $$62,000$ cash and a new $$600,000$ civic auditorium with a $30-$year life and no residual value. The enterprise fund monitors one activity, the rental of the civic auditorium for entertainment and other cultural affairs.

The following transactions for the city take place during $2020.$ Assume that the city's fiscal year ends on December $31.$

a$.$ Decides to build a municipal park and transfers cash of $$70,000$ into a capital projects fund. Both the creation of this fund and the transfer were made by the highest level of government authority. The city immediately expends $$20,000$ to acquire three acres of land.

b$.$ Borrows $$110,000$ cash on a long$-$term bond for use in creating the new municipal park.

c$.$ Assesses property taxes on the first day of the year. The assessment, which is immediately enforceable, totals $$600,000.$ Of this amount, $$510,000$ will be collected during $2020.$ Officials expect another $$50,000$ during the first month of $2021.$ They anticipate the remainder halfway through $2021.$

d$.$ Constructs a covered building in the new municipal park for $$80,000$ cash so that local citizens can play basketball when it rains. The building is put into service on July $1.$ It should last $10$ years with no expected residual value.

e$.$ Builds a sidewalk through the new park for $$10,000$ cash and puts it into service on July $1.$ The sidewalk should normally last for $10$ years, but the city plans to keep it fixed up to a predetermined quality level so that it can last almost indefinitely.

f$.$ Opens the park and charges an entrance fee of only a token amount. The city reports the park within its general fund. Collections during the first year of operations total $$8,000.$

g$.$ Buys a new parking deck for $$200,000,$ paying $$20,000$ cash and signing a long$-$term note for the rest. The parking deck, which goes into operation on July $1,$ is across the street from the civic auditorium and is considered part of that activity. It has a $20-y=ar$ life and no residual value.

h$.$ Receives a $$100,000$ cash grant for the city school system that must be spent for school lunches for children in low$-$income families. Officials view the appropriate spending of these funds as an eligibility requirement of this grant. During the current year, $$37,000$ of the amount received was spent for the intended purpose.

i$.$ Charges students in the school system a total fee of $$6,000$ for books and the like. Of this amount, $90$ percent is collected during $2020$ with the remainder expected to be collected in the first few weeks of $2021.$

j$.$ Buys school supplies for $$22,000$ cash and uses $$17,000$ of them. The general fund anplies the purchases method.

k$.$ Receives a painting by a local artist to be displayed in the local school. It qualifies as a work of art, and officials have chosen not to capitalize it$.$ The painting has a value of $$80,000.$ Officials have set up security precautions so that the painting will be viewed as inexhaustible.

I. Transfers $$20,000$ cash from the general fund to the enterprise fund as a capital contribution.

m$.$ Orders a school bus for $$99,000.$

n$.$ Receives the school bus and pays an actual cost of $$102,000,$ including transportation and other necessary costs. The bus goes