I have already done part a and most of part b. I need help calculating the net position-Net Investment in Capital Assets is all I need. Please help.
Chapter 9 Adjusting and Closing Entries for Governmental Activities, Government-wide Level; Preparation of Government-wide and Major Fund Financial Statements Prior to preparing financial statements at the end of FY 2020, it is necessary to record depreciation expense for the year for governmental activities at the government-wide level. a. Based on general capital assets assigned to specific functions, depreciation expense related to equipment and infrastructure is allocated to functions as shown below: Dep ul Infrastructure General Government Public Safety Public Works Health and Welfare Culture and Recreation S 53,320 213,408 138,715 53,320 S 98,620 357 $533,120 93,620 Totals In addition, depreciation expense for buildings in the amount of $188,900 is allocated to functions according to the percentage of total floor space of buildings used by each function. The Public Works director has provided the following information for the current year: Percentage of Building Floor Space Used General Government)28900. 20% 37,780 Public Safety Public Works Health and Welfare Culture and Recreation 35 G0, 10 18,8 13 57 100% 0 Total Required: [Para. 9-a] Record depreciation expense for the year 2020 in the governmental activities general journal at the government-wide level. Verify accuracy of the adjusting entries and post to the general ledger by clicking Post entries).u Closing Entries. Although closing entries were made in each fund in Chapters 4 through 6 of this cumulative problem, they have not yet been recorded at the government-wide level. on b. Required: Record the journal entries required on December 31, 2020, to close all temporary accounts for governmental activities at the government-wide level. These entries should also recognize changes in the accounts Net Position-Net Investment in Capital Assets, Net Position-Restricted for Public Safety (see General Fund), Net Position-Restricted for Capital Projects (see Capital Projects Fund to calculate net
