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$62 000 cash and a new $600,000 civic auditorium with a 30-year Ife and no salvage value. The enterprise fund monitors just one activity, the rental of the chic auditorium for entertainment and other cultural affairs. The following transactions for the city take place during 2017. Assume that the city's fiscal year ends on December 31 a Decides to build a municipal park and transfers $70/000 into a capital projects fund and Immediately expends $20,000 for a place of land. The creation of this fund and this transfer were made by the highest level of government authority. b. Borrows $110,000 cash on a long-term bond for use in creating the new municipal park. C. Assesses property takes on the first day of the year. The assessment, which Is Immediately enforceable, totals $600,000. Off this amount, $510,000 will be collected during 2017 and another $30,000 is expected In the first month of 2018. The remainder Is expected about halfway through 2018. d. Constructs a building In the park In (b) for $80,000 cash so that local citizens can play basketball and other sports. It is put Into service on July 1 and should last 10 years with no salvage value. c. Builds a sidewalk around the new park for $10,000 cash and puts it Into service on July 1. It should last for 10 years, but the city plane to keep it up to a predetermined quality level so that it will last almost Indefinitely. L Opens the park and charges an entrance fee of only a token amount so that it records the park, therefore, In the general fund. Collections during this first year 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 is and no salvage value. to go Into operation on July 1 Is across the street from the civic auditorium and is considered part of that activity. It has a 20-year life h. Receives a $100,000 cash grant for the city school system that must be spent for school lunches for the poor. Appropriate spending property spent. of these funds is viewed as an eligibility requirement of this grant. During the current year, $37,000 of the amount received was Charges students In the school system a total fee of $0,000 for books and the like. Off this amount, 90 percent is collected during 2017 with the remainder expected to be collected In the first few weeks of 2018. J Buys school supplies for $22,000 cash and uses $17000 of them. The general fund uses 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 oficials have chosen not to capitalize It. The painting has a value of $30,000. It Is viewed as Inexhaustible. L Transfers $20,000 cash from the general fund to the enterprise fund as a capital contribution. m. Orders a school bus for $99,000. ". Receives the school bus and pays an actual cost of $102,000. The bus is put into operation on October 1 and should last for five years with no salvage value. Q. Pups salaries of $240,000 to school teachers. In addition, owes and will pay $30,000 during the first two weeks of 2018. Vacations worth $23,000 have also been earned but will not be taken until July 2018. p. Furys salaries of $42 000 to city auditorium workers. In addition, owes and wil pay $3,000 In the first two weeks of 2018. Vacations worth $5/000 have also been earned but will not be taken until July 2018. q Charges customers $130,000 for the rental of the civic auditorium. Of this balance, collected $110,000 In cash and will collect the remainder In April 2018. Pays $9,000 maintenance charges for the building and sidewalk In jo) and fet Pays $14/000 on the band In foil on the last day of 2017: $3,000 principal and $9,000 Interest. t Accrues Interest of $13,000 on the note In of as of the end of 2017, an amount that it will pay In June 2018. u. Assumes that a museum that operates within the city is a component unit that will be discretely presented. The museum reports to city officials that It had $42 000 of direct expenses this past year and $30,000 In revenues from admission charges. The only assets that it had at year-end were cash of $24,000, building [net of depreciation) of $300,000, and a long-term liability of $210,000. Prepare the 2017 goverment-wide financial statements for this city. Assume the use of the modified approach. Complete this question by entering your anawers in the tabs below. Statement of Prepared a statement of activities. (Amounts to be deducted should be indicated by a minus sign.) CITY OF PROFFER Statement al Activities Govimmint-Wise Financial Statements Thar Ending December 31, 2017 Program Grants and Gills Governmental Typa Tutai Component Lini Govimmintal cleans Parks and nichindian Comporaint unit: Museum Proparty lines Ching in net assets Not assets, baginning of your Not Assuits, and al Year