The following trial balance for City of Happyday represents accrual data for governmental activities taken from the completed conversion worksheet: Account Cash Investment Property Taxes receivable (net) Capital Assets (net) Expenses-General Government Expenses- Public Safety Expenses- Parks & Recreation Expenses- Interest Transfers Out to Business Activities Accounts Payable & other current liabilities LT Compensated Absences Liability Capital Leases payable Bonds Payable (City Hall construction) Premium on bonds Net Position at beginning of year Property Tax Revenues Special Items- Gain on land Park Fees Grant for Police Training Investment Earnings Debits $ 400,000 800,000 250,000 5,950,000 1,230,000 950,000 530,000 175,000 200,000 Credits 85,000 1,200,000 750,000 2,000,000 15,000 1,975,000 3,700,000 300,000 195,000 215,000 50,000 $ 10,485,000 $ 10,485,000 Requirements: 1. Complete the activity statement (L-shaped) included on the next page of the test booklet. 2. Prepare the statement of net position that complies with GASB #34 requirements for governmental activities only. Use the exam itself for your answers. Make sure you separate the ending net position into the appropriate sub-categories. If applicable, a deficit net position is shown in (brackets). Prepare the statement of net position that complies with GASB #34 requirements for governmental activities only. Download the excel file, complete the file, save the file on your computer, and upload the saved file. 1 X Fr A BI Maximum file size: 500MB, maximum number of files: 1 Assets Total Assets Liabilities Total Liabilities Net Position City of Happyday Statement of Net Position Governmental Activities