Following is the governemental activities pre-closing trial balance for the Town of Freaz. Freaz is a relatively small town and, as a result, it has only governmental funds (i.e., it uses no proprietary funds). There are no component units. To complete the financial statements for its annual report, the town must prepare a governement-wide statement of net assets and a statement of activities. TOWN OF FREAZ Pre-Closing Trial Balance As of June 30, 2011 (000s omitted) Debits Credits Cash $3,639 Investments 7,299.00 Taxes Receivable - Delinquent 5,788.00 Estimated Uncollectible Delinquent Taxes $49 Due from Other funds 645.00 Due from other governments 6,343.00 land 8,720.00 buildings 25,680.00 Accumulated depreciation - buildings 8,021 Infrastructure 85,768.00 Accumulated depreciation - infrastructure 45,603 machinery & Equipment 28,720.00 Accumulated depreciation - machinery & equipment 13,785 accounts payable 7,764 accrued liabilities 4,765 due to other funds 748 current portion of long-term debt 8,600 bonds payable 28,700 net assets - invested in capital assets, net of related debt 44,179 net assets - restricted for debt service 2,123 net assets - unrestricted 7,678 program revenues - general government- 4,411 charges for services program revenues - public safety charges for services 996 program revenues - parks & recreation charges for services 359 program revenues - general government- operating grants & contributions 307 program revenues - public works capital grants & contributions 1,680 Genaral revenues- property taxes 13,665 general revenues - interest & penalties 746 general revenues - interest income 345 expenses - general government 2,468.00 expenses - public safety 11,577.00 expenses - public works 5,311.00 expenses - parks and recreation 1,817.00 expenses - interest on long-term debt 749.00 $194,524 $194,524 Required: Using the trial balance provided by the town, prepare a government-wide statement of activities and a statement of net assets. Restricted net asets for debt service increase $ 87 (000s omitted) for the period. Government-wide statement of activities and a statement of net assets