Fund and Government-Wide Reporting

Consider the following transactions of Dillingham County:

1. General obligation bonds of $10,000,000 are issued at par to finance the cost of a new fire station. The fire station is built for $9,925,000, and remaining cash of $75,000 is transferred for future payment of the debt principal.

2. An old police vehicle with a book value of $5,000 is sold for $2,000. A new vehicle is purchased using general revenues of $50,000. Police activities are reported as part of general operations.

3. A municipal golf course issues $750,000 in bonds to finance its activities. The bonds are expected to be paid using golf course revenues.

4. A central publishing shop, which services municipal agencies on a fee-for-service basis, purchases equipment for $15,000.

5. Equipment is purchased by a fund dedicated to enhanced 911 service, at a cost of $300,000. This service is funded by a property tax levy for that purpose.

6. Downloadable electronic books costing $15,000 are purchased by a local public library. The acquisition is financed by a trust fund set up by a wealthy citizen, using income from investments. The principal of the trust must remain intact. Public library activities are reported in the general fund.

7. Same as 6., but there is no restriction on spending the principal of the trust.

Required

For each of the above transactions, prepare journal entries necessary to record the transactions in both the fund financial statements and the government-wide financial statements for Dillingham County. For the government-wide entries, indicate whether the item is reported in governmental or business-type activities. For the fund entries, indicate which fund is affected.