hello all 21 needs help with the following problems

mental fund type LO 1 E7-30. (Requirement to use Enterprise Funds) GAAP establishes three situations in which governments must use Enterprise Funds in their reporting. What are they? LO4 E7-31. (Leases) The city of Brock's Water Enterprise Fund leases water treatment equipment, The life of the noncancel- lable lease is 10 years, and the expected life of the equipment is 12 years. Using an 8 percent interest rate, the present value of the lease payments is $905,861. The first payment of $125,000 is due when the lease begins, January 5, 2018. An additional payment is due on January 5th for each of the next 9 years. Prepare journal entries to record: 1. The lease of the equipment on January 5, 2018. 2. The first lease payment on January 5, 2018. 3. Amortization expense for fiscal year ending December 31, 2018 4. The second lease payment on January 5, 2019. LO 3 E7-32. (Billings and collections between an Enterprise Fund and the General Fund) A city uses an Enterprise Fund to provide electricity to its citizens and to its General Fund. A total of $50,000 was billed to the General Fund and collected 30 days later. Prepare the journal entries necessary to record these transactions, and label the fund(s) used. LO3 E7-33. (Closing entries for an Enterprise Fund) The Saranac Village Municipal Golf Course's preclosing trial balance is presented below. Prepare the closing entry necessary at its year-end, June 30, 2019, and compute the components of net position that should be reported as of that date. SARANAC VILLAGE Enterprise Fund Municipal Golf Course Preclosing Trial Balance June 30, 2019 Debits Credits Cash. . . . . . . . . . ... $ 1,500 Membership dues receivable . . . . . . . . . . . . . 10,200 Land . . . . . . . . . . 7,60 Equipment . . . . 2,000 Accumulated depreciation- equipment . . . . . . . . . . . . . . . . S 400 Accounts payable . . .. 500 Revenues from fees.. . . . . . . . . . . . . . 14,000 Salaries expense 4,500 Depreciation expense--equipment . . .. . 300 Utilities expense . .. 100 Miscellaneous expense . 700 Net position. . . . . . 12,300 $27,200 $27,200E7-34. (Comparison of accounting for long-term debt and acquisition of capital assets, using govern- mental-type funds and proprietary-type funds) The village of Old Road orders a computer costing $300,000. The village finances the computer by issuing a $300,000 bond at face value. The village receives the computer and pays cash of $300,000. Prepare the journal entries to record these events assuming they were recorded in (a) the General Fund and (b) an Enterprise Fund. 57-35. (Setting prices for an Internal Service Fund) LO 2 Arlington Town uses an Internal Service Fund to account for its motor pool activities. Based on the following information, calculate the price per trip that the Motor Pool Internal Service Fund needs to charge users during calendar year 2018 to break even: Automobiles: The Motor Pool uses two 6-passenger vans, each costing $45,000 and each estimated to have a 5-year life when they were acquired in 2017. Driver salaries: The Motor Pool has a driver-administrator, who earns $45,000 a year, and a driver, who earns $35,000. The town uses a rate of 30 percent (to cover benefits, including pensions) for planning purposes. Insurance: In 2017, the town purchased a 3-year automobile accident policy at a cost of $6,090. Fuel and maintenance costs: Based on experience, the driver-administrator estimates that total fuel and maintenance costs for the year will be $8,000. Billing units: To simplify its record keeping, the Motor Pool charges a fixed price per trip. Arlington's budget office estimates it will provide 800 trips to the town's departments in 2018