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Exercise for Chapter 8: The fund-basis financial statements for the City of Cottonwood have been completed for the fiscal year ended June 30, 2015 and appear in the first tab of the Excel spreadsheet provided with this exercise. In addition, the Statement of Net Position from the previous fiscal year is provided and should be used to determine beginning balances for accounts not appearing in the fund-basis statements. The following information is also available: 1. Capital assets: a. Depreciation on capital assets used in governmental type activities amounted to $3,100,000 for the year. b. No capital assets were sold or disposed of and all purchases are properly reflected in the fund-basis statements as capital expenditures. 2. Long-term debt: a. Proceeds from bonds issued by governmental funds are reflected in other financing sources. b. Payments for long-term debt recognized in the fund financial statements are correct. c. Interest accrued but not yet paid amounted to $167,000 at June 30, 2015. 3. Deferred inflows of resources: a. Deferred inflows are comprised solely of property taxes expected to be collected more than 60 days after year-end. The balance of deferred taxes at the end of 2014 was $188,400 and was recognized as revenue in the fund-basis statements in 2015. 4. Solid Waste Landfill: a. The City accounts for its solid waste landfill in the General Fund (public works department). The estimated liability for closure and post closure care costs as of June 30, 2015, is $2,600,000. 5. Transfers: a. During the year the General Fund transferred cash to the courthouse renovation, debt service and enterprise funds. 6. Assume no internal service funds. 7. Charges for services are already entered on the Statement of Activities. 8. Assume all bonds are capital-related, and all of the bond proceeds have been spent. The only restricted net position is the permanent fund. Prepare the governmental activities section of the Statement of Net Position and the Statement of Activities, in good form, for the year ended June 30, 2015. Reconciliations between the fund statements and the government-wide statements are not necessary. Additional information: The second tab on the Excel spreadsheet has a worksheet for your adjustments. It is very helpful to fill this out prior to completing the financial statements. If you use the worksheet, begin by filling out the adjustments for capital assets, landfill post closure costs liability, and bonds payable from the prior-year Statement of Net Position for last year (this is on the first tab of the Excel spreadsheet). Enter these as debits and credits on the worksheet with the other half of each entry going to \"Net Position at the Beginning of the Year\". After each entry doublecheck that your debts equal your credits. Then enter the data from each of the items above. Again, double-check that your debits equal your credits after each entry. When preparing the financial statements, prepare the Statement of Net Position first. If you have completed the worksheet your numbers will come right off of that sheet. The Statement of Activities should also flow from the worksheet. Your Ending Net Position will match between the Statement of Activities and the Statement of Net Position