I need question 12-6 answered.

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respectively, The interest covers all long-term borrowing by Simonsen Village. The principal relates to the fire truck purchased during the year. 12-6. Simonsen Village is a relatively new community. At the start of the year, the government had no longterm assets or liabilities, In fact, all the infrastructure (e.g, roads) in the village are owned by the county or state rather than the town. However, the village government has the primary responsibility for putting out fires in the village. Transactions 6 and 7 for Simonsen Village, described in Problem 12-5, both relate to the town's new fire truck. Exhibit 12-3 presents January 1, 2024, belances for Simonsen Village's accounts. These balances at the start of the year were the same on both the modified accrual and accrual bases. (Hint: That may not be the case at the end of the year.) Show the beginning balances from Exhibit 123 and the transactions from Problem 125 in a worksheet format similar to Exhibit 12-2. Show ending belances Make a separate section for each fund. Exusir 12-3 January 1, 2024, Balances 12-7. Please use the following choices to fill in the blanks below: Fund, and all capital expenditures are made using 12-5. See Exhibit 12-3 for opening account balances. Record the following financial transactions for Simonsen Village for the fiscal year ending December 31, 2024. Show the impact of the transactions on the fundamental equation of accounting (optional: show joumal entries - see Appendix 12-A). Assume that the modified accrual basis is used. 1. Simonsen Village has employees who earned $400,000 for the year. At the end of the year, the salaries payable balance was $10,000. Note that $200,000 of wages related to general government, $140,000 was for education, and $60,000 was for the public works, safety, and sanitation department. 2. Inventory was ordered by Simonsen Village. The entire onder was rocelved. The bill for the inventory purchase was $10,000. By the end of the fiscal year, it had used $6,000 of the inventory, but no payment had been made. Each of the three departments had used $2,000 of inventory. The remaining inventory was all earmarked for education. 3. Simonsen Village's major source of funds is real estate taxes. Total tax bills issued were for $300,000. Total collections were the $20,000 from the previous year's ending balance in taxes receivable and $260,000 of this year's taxes. Eighty percent of the outstanding balance at year- end is expected to be collected early in the next fiscal year. 4. Simonsen Village is entitled to receive unrestricted grants from the state. During the year, grants in the amount of $100,000 were made. The total collections on grants were just $20,000. This $20,000 consisted of $10,000 that the state owed for the previous year and $10,000 for the current year's grant. The state will be paying the balance owed to Simonsen Village within 30 days after the year ends. 5. During the year, Simonsen Village was legally required to transfer $60,000 to its debt service fund. A total of $70,000 of cash was paid to the debt service fund. In years when the full required transfer is not made, the debt service fund has a receivable (Due from General Fund). If more than the required amount is paid, the debt service fund's receivable declines. 6. Simonsen Village acquired a new fire truck early in the year for $200,000. The fire truck is expected to last 10 years and has no salvage value. It was financed by a long-term note for the full amount. Simonsen Village has a capital projects fund. 7. The interest and principal due on Simonsen Village's debt during the year and paid from the debt service fund were $8,000 and $30,000, \begin{tabular}{|c|c|c|c|c|c|c|} \hline & & & & & \multicolumn{2}{|c|}{ Liabilities and Fund Balance } \\ \hline & \multicolumn{2}{|c|}{ Assets } & = & \begin{tabular}{c} Liabiliti \\ es \end{tabular} & \multicolumn{2}{|c|}{ Fund Balance and Changes in Fund Balance } \\ \hline & Cash & \begin{tabular}{|c|} \begin{tabular}{c} Due \\ from \end{tabular} \\ General \\ Fund \\ \end{tabular} & & & \begin{tabular}{c} Fund \\ Balance \end{tabular} & \\ \hline \begin{tabular}{l} Beginning \\ Balance \end{tabular} & 4,000 & 16,000 & & 0 & 20,000 & \\ \hline Transaction \# 1 & & & & & & \\ \hline Transaction \# 2 & & & & & & \\ \hline Transaction \# 3 & & & & & & \\ \hline Transaction \# 4 & & & & & & \\ \hline Transaction \# 5 & & & & & & Transfer from General fund \\ \hline Transaction \# 6 & & & & & & \\ \hline Transaction \# 7 & & & & & & Interest Expenditure \\ \hline & & & & & & \begin{tabular}{|ll} Debt & Service-Principal \\ Expenditure & \\ \end{tabular} \\ \hline Ending Balance & $4.000 & $16.000 & = & so & $$20.000 & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|} \hline & & & \multicolumn{3}{|c|}{ Liabilities and Fund Balance } \\ \hline & \multicolumn{2}{|l|}{ Assets } & = Liabilities & \multicolumn{2}{|c|}{ Fund Balance and Changes in Fund Balance } \\ \hline & Cash & \begin{tabular}{|c|} \begin{tabular}{c} Due \\ from \end{tabular} \\ General \\ Fund \\ \end{tabular} & & \begin{tabular}{c} Fund \\ Balance \end{tabular} & \\ \hline \begin{tabular}{l} Beginning \\ Balance \end{tabular} & 0 & 0 & 0 & 0 & \\ \hline Transaction \# 1 & & & & & \\ \hline Transaction \# 2 & & & & & \\ \hline Transaction \# 3 & & & & & \\ \hline Transaction \#4 & & & & & \\ \hline Transaction \# 5 & & & & & \\ \hline \begin{tabular}{l} Transaction \# \\ 6a \end{tabular} & & & & & \begin{tabular}{l} Other Sources of Financing-Note \\ Payable \end{tabular} \\ \hline \begin{tabular}{l} Transaction \# \\ 6b \end{tabular} & & & & & Capital Outlay Expenditure \\ \hline Transaction \# 7 & & & & & \\ \hline Ending Balance & & of & 0 & 0 & \\ \hline \end{tabular} respectively, The interest covers all long-term borrowing by Simonsen Village. The principal relates to the fire truck purchased during the year. 12-6. Simonsen Village is a relatively new community. At the start of the year, the government had no longterm assets or liabilities, In fact, all the infrastructure (e.g, roads) in the village are owned by the county or state rather than the town. However, the village government has the primary responsibility for putting out fires in the village. Transactions 6 and 7 for Simonsen Village, described in Problem 12-5, both relate to the town's new fire truck. Exhibit 12-3 presents January 1, 2024, belances for Simonsen Village's accounts. These balances at the start of the year were the same on both the modified accrual and accrual bases. (Hint: That may not be the case at the end of the year.) Show the beginning balances from Exhibit 123 and the transactions from Problem 125 in a worksheet format similar to Exhibit 12-2. Show ending belances Make a separate section for each fund. Exusir 12-3 January 1, 2024, Balances 12-7. Please use the following choices to fill in the blanks below: Fund, and all capital expenditures are made using 12-5. See Exhibit 12-3 for opening account balances. Record the following financial transactions for Simonsen Village for the fiscal year ending December 31, 2024. Show the impact of the transactions on the fundamental equation of accounting (optional: show joumal entries - see Appendix 12-A). Assume that the modified accrual basis is used. 1. Simonsen Village has employees who earned $400,000 for the year. At the end of the year, the salaries payable balance was $10,000. Note that $200,000 of wages related to general government, $140,000 was for education, and $60,000 was for the public works, safety, and sanitation department. 2. Inventory was ordered by Simonsen Village. The entire onder was rocelved. The bill for the inventory purchase was $10,000. By the end of the fiscal year, it had used $6,000 of the inventory, but no payment had been made. Each of the three departments had used $2,000 of inventory. The remaining inventory was all earmarked for education. 3. Simonsen Village's major source of funds is real estate taxes. Total tax bills issued were for $300,000. Total collections were the $20,000 from the previous year's ending balance in taxes receivable and $260,000 of this year's taxes. Eighty percent of the outstanding balance at year- end is expected to be collected early in the next fiscal year. 4. Simonsen Village is entitled to receive unrestricted grants from the state. During the year, grants in the amount of $100,000 were made. The total collections on grants were just $20,000. This $20,000 consisted of $10,000 that the state owed for the previous year and $10,000 for the current year's grant. The state will be paying the balance owed to Simonsen Village within 30 days after the year ends. 5. During the year, Simonsen Village was legally required to transfer $60,000 to its debt service fund. A total of $70,000 of cash was paid to the debt service fund. In years when the full required transfer is not made, the debt service fund has a receivable (Due from General Fund). If more than the required amount is paid, the debt service fund's receivable declines. 6. Simonsen Village acquired a new fire truck early in the year for $200,000. The fire truck is expected to last 10 years and has no salvage value. It was financed by a long-term note for the full amount. Simonsen Village has a capital projects fund. 7. The interest and principal due on Simonsen Village's debt during the year and paid from the debt service fund were $8,000 and $30,000, \begin{tabular}{|c|c|c|c|c|c|c|} \hline & & & & & \multicolumn{2}{|c|}{ Liabilities and Fund Balance } \\ \hline & \multicolumn{2}{|c|}{ Assets } & = & \begin{tabular}{c} Liabiliti \\ es \end{tabular} & \multicolumn{2}{|c|}{ Fund Balance and Changes in Fund Balance } \\ \hline & Cash & \begin{tabular}{|c|} \begin{tabular}{c} Due \\ from \end{tabular} \\ General \\ Fund \\ \end{tabular} & & & \begin{tabular}{c} Fund \\ Balance \end{tabular} & \\ \hline \begin{tabular}{l} Beginning \\ Balance \end{tabular} & 4,000 & 16,000 & & 0 & 20,000 & \\ \hline Transaction \# 1 & & & & & & \\ \hline Transaction \# 2 & & & & & & \\ \hline Transaction \# 3 & & & & & & \\ \hline Transaction \# 4 & & & & & & \\ \hline Transaction \# 5 & & & & & & Transfer from General fund \\ \hline Transaction \# 6 & & & & & & \\ \hline Transaction \# 7 & & & & & & Interest Expenditure \\ \hline & & & & & & \begin{tabular}{|ll} Debt & Service-Principal \\ Expenditure & \\ \end{tabular} \\ \hline Ending Balance & $4.000 & $16.000 & = & so & $$20.000 & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|} \hline & & & \multicolumn{3}{|c|}{ Liabilities and Fund Balance } \\ \hline & \multicolumn{2}{|l|}{ Assets } & = Liabilities & \multicolumn{2}{|c|}{ Fund Balance and Changes in Fund Balance } \\ \hline & Cash & \begin{tabular}{|c|} \begin{tabular}{c} Due \\ from \end{tabular} \\ General \\ Fund \\ \end{tabular} & & \begin{tabular}{c} Fund \\ Balance \end{tabular} & \\ \hline \begin{tabular}{l} Beginning \\ Balance \end{tabular} & 0 & 0 & 0 & 0 & \\ \hline Transaction \# 1 & & & & & \\ \hline Transaction \# 2 & & & & & \\ \hline Transaction \# 3 & & & & & \\ \hline Transaction \#4 & & & & & \\ \hline Transaction \# 5 & & & & & \\ \hline \begin{tabular}{l} Transaction \# \\ 6a \end{tabular} & & & & & \begin{tabular}{l} Other Sources of Financing-Note \\ Payable \end{tabular} \\ \hline \begin{tabular}{l} Transaction \# \\ 6b \end{tabular} & & & & & Capital Outlay Expenditure \\ \hline Transaction \# 7 & & & & & \\ \hline Ending Balance & & of & 0 & 0 & \\ \hline \end{tabular}