I am looking for help with Problem 14-5 in the book Governmental and Nonprofit Accounting (10th Edition).

-5 (One-Worksheet ConversionGovernmental ActivitiesAppendix)

Tierney County Total Governmental Funds Preclosing Trial Balance December 31, 20X5
	Debit	Credit
Cash	$ 1,348,200
Investments	7,355,600
Due from General Fund	3,500
Taxes Receivable	189,000
Allowance for Uncollectible Taxes		$ 38,500
Interest and Penalties Receivable	5,250
Allowance for Uncollectible Interest and Penalties		476
Accounts Receivable	45,500
Allowance for Uncollectible Accounts		1,750
Accrued Interest Receivable	191,800
Inventory of Materials and Supplies	16,450
Vouchers Payable		1,016,400
Accrued Salaries and Wages Payable		17,500
Contracts PayableRetained Percentage		350,000
Interest Payable (on Current Debt)		1,050
Unearned Operating Grant Revenues		360,500
Unearned Capital Grant Revenues		525,000
Due to Enterprise Fund		11,550
Due to Special Revenue Funds		3,500
Deferred Tax Revenues		107,800
Fund Balance (Preclosing)		695,049
Revenues:
??Taxes		3,395,000
??Licenses and Permits		311,500
??Fines and Forfeitures		133,000
??Unrestricted Grants		367,500
??Operating Grants		420,000
??Capital Grants		7,231,000
??Investment Income		600,000
??Other Revenues		7,000
Current Operating Expenditures/Expenses:
??General Government	274,400
??Public Safety	1,417,500
??Streets and Roads	861,700
??Health and Sanitation	162,400
??Parks and Recreation	65,100
Capital Outlay Expenditures:
??For Construction	8,890,000
??For Equipment	203,700
Debt Service Expenditures:
??Bond Principal Retirement	700,000
??Interest on Bonds	356,475
??Fiscal Agent Fees	52,500
??Bond Issue Costs	35,000
Other Financing Sources:
??Bonds		6,300,000
??Bond Premium		42,000
??Proceeds from Sale of General Capital Assets		175,000
??Transfers from General Fund		616,000
??Transfers from Special Revenue Funds		70,000
??Transfers from Enterprise Funds		63,000
Other Financing Uses:
??Transfers to Capital Projects Funds	56,000
??Transfers to Debt Service Funds	560,000
??Transfers to General Fund	70,000
????Totals	$22,860,075	$22,860,075

Additional Information

The beginning trial balance of the general capital assets and general long-term liabilities accounts at January 1, 20X5, was:

	Debit	Credit
Land	$ 465,500
Buildings	4,375,000
Accumulated DepreciationBuildings		$ 2,730,000
Machinery and Equipment	1,400,000
Accumulated DepreciationMachinery and Equipment		525,000
Streets and Roads	7,000,000
Accumulated DepreciationStreets and Roads		4,200,000
Bonds Payable		2,800,000
Premium on Bonds Payable		70,000
Liability for Claims and JudgmentsLong-Term		490,000
Compensated Absences LiabilityLong-Term		350,000
Net Position		2,075,500
	$13,240,500	$13,240,500

The balance of the long-term claims and judgments obligation at December 31, 20X5, was $450,000. All claims and judgments of the county are related to health and sanitation.

The balance of the long-term liability for compensated absences at December 31, 20X5, was $425,000. Compensated absence liabilities are generated equally by the general government, public safety, streets and roads, and health and sanitation functions.

The bond issuance occurred at year end. The equipment purchases occurred at the beginning of the year.

The January 1, 20X5, balance of Accrued Salaries and Wages Payable was $25,000.

The January 1, 20X5, balance of Deferred Tax Revenues was $84,000.

The operating grants revenues were associated with Public Safety ($100,000) and Health and Sanitation. The capital grants were associated with Streets and Roads.

The accrued interest associated with bonds at December 31, 20X5, was $99,000. The January 1, 20X5, balance was $87,500.

The remaining term of the bonds payable with the premium ($70,000) is 10 years. Use straight-line amortization.

The county depreciates machinery and equipment over 5 years, buildings over 20 years, and streets and roads over 30 years. Assume zero salvage values.

Depreciation expense on the buildings and on the machinery and equipment is associated with functions as follows: General Government, 10%; Public Safety, 50%; Streets and Roads, 25%; Health and Sanitation, 10%; and Parks and Recreation, 5%.

The capital asset sold was equipment, which cost $500,000 and had accumulated depreciation at the January 1 sale date of $400,000.

The countys only Internal Service Fund provides 75% of its services to Enterprise Funds and sets its billings equal to its costs of providing services. The Internal Service Fund billings to general governmental departments during the year totaled $100,000. Billings of $25,000 were associated with each functional category of expenditures except Parks and Recreation.

Required

The December 31, 20X5, total fund balance (postclosing) was $6,721,274. Prepare a balance sheet conversion worksheet to derive government-wide, governmental activities data for Tierney County