journal entries and financial statements for an Enterprise Fund The City of Whitt Falk plans to develop a golf course during 2021 and account for it as the Golf Enterprise fund (GEA). The course will be buit on a parcel of land to be purchased from a private party. The plarned out-of-pockec costs for the new course and their financing are as follows: The City plans to sell the bonds on February 1,2021, Because the bonds are a term issue, bond principal metures in full on February 1, 2031. Interest is payable each August 1 and February 1, beginning August 1, 2021. The bond covenant requires that assets equal to one-tenth of the bond principal be transferred to a restricted account within the GEF on December 31 of each year. What observes a calendar freal year. Simmons Design and Construction ins. (simmond has been ewarded the contract to develop the golf course. Construction will commence Februay 15, 2021, and be completed no later than May 31, so iz can open for buriness during fune. The contract sipulates that progress bilings from 5 immons will be paid within 30 days of receipt, with 5 percent retainage held pending completion and acceptance of the project. The city engineer will inspect the contractors work and approve progress payments Accouming for the GEf will be done by the citys exseing accounting department ta General fund department), which will bili the GeF for servicts rendered at the end of the year. To help the GEF get on its feet financially, no interfund payables will be settled in cash duning 2021. The folowing events and transactions ccourred during the year ended December 31.2021: January 11, 2021: Whatt falls formally tstablished the Gef, the funds first transaction was the receipt, in cast, of the capital contribution from the General Fund january 74. The city acquired the adacent parcel of land from the private owner for the planned 1540000 Feboniary 1: the tevenue bonds wete sold at pat (\$330000) Fetruary 15 Developinters of the goll course itstil and commucton of the cubhouse. commented spprored and set up as a consuruction confrocts payable a fuer deductind the 5 . percent totainage illecause of the short duration of the construction period of the dutihouse [toalsingn'] incalied with the remainder to the thichors tuldirs May 23: 51mm mons' thind and final peogress biting, 5770000 fall of which regresents cubhiouse construction costs). was appioved and set vo as a ton weructicn oont acts payable after deducting the 5 percent retainage. May 30. The cortstiction contracts pajable cuarenty due Simmons was pait. June 1: The new goif course was formaty accephed by the Cry fwathout reas for "louchep" workl, and all remainint amounts dot to Simmoris were pall lune 1: The City acquired golf colire maintenance equiciment by entering into a 4year lease. The first lease payment of 355.000 was paid on lune 2 when the fquprtent was deivered, The remaining lease payments of 3 s. . cao each will occur on the first. second, and third anmiversary of the first payment. Aswume that the interest rate on the lease is 4 percent. june 2: If ventory in the amount of 513.200 was acquired for the pro whop the purchase created an accounts payable. June 4. The course opened for butiress. Greens fees (charges for servicer). asgreqated 5229,900 for lune. Pro thop wales amounted to \$5,500. All revenues were collected pune 30: Experises for june were an follown, (charge all expenses io roperating expenses-cost of sales 7 Maintenance and proshop tabor (paid in crsh) - 552.250 Maintenance supplies, from the Parks Department-specul Hevenuet Fund - 14.400 (The ifrugice was receined, but not paid] Water, supplied by the Whict faus water unility-an Enterprite Fund is 188000 (The ifroice was receved, but not paid.) Cost of metchandisesold ty the pro thop +32420 August 1: The frist debt service paytnent on the revenue bonds was made. December 31- Greens fee revenues for the second hay of 2 ch.1 toealed 1401.000 : pro shop sales for the same period were $23320. December 31: Second ay 2021 expenses were as follon: Maintenance and pro shop labor (paid in casty. 577.000 Maintenante supplies, from the Parks Departiment - Specal Reverue fund - 34 ape The invoice was recelyet. but not paid. Water, supplied by the Whit falls water ueility-an Fnterprise fand - 193000 (the invoice was received, but not paid.) Cost of mechandise wold by the pro shop i 53.190 Accounting and administrative servicts provided by the accounsing departament- General fund 59,900 . (The levoice was recelved but not paidi) December 31: Interest was accried on the revenue boridt. December 31: The cef recorded depreciatian of for the year of 534.500 on the building and 527,500 on beding improvements. December 31. The GeF recorded amontization on the intangble atset lease of 125953 December 31-A.Resticted Cast account was etrablitied in accordance with the resurements of the bond coverant. af hrepare the journal entrits for the 2021 activity in the Goif Enterprist fund If an entry affects more than one debit or credit account, enter the accounts in arder af magnitude (largest to smalles balances), debits first. if twe acceunts have the same balance. enter in aiphabetic order. flound any calculatiens to the nearest dollar. Use a four-digit present value of an aninuity due table in the capital lease calculation. If an entry affects more than one debit or credit account enter the accounts in order of magnitude (largest to smallest balances), debits first. If two accounts have the same balance, enter in alphabetic order. c) Prepare the statement of net potition for the Goif Enterprite fund at December 31, 7021 Enter contra account amounts as negative numbers. d) Prepare the statement of revenues, expenses, and changes in fund net position for the Golf Course Enterprise Fund for the year ended December 31, 2021. Enter revenues and operating expenses in order of magnitude (largest to smallest amounts). journal entries and financial statements for an Enterprise Fund The City of Whitt Falk plans to develop a golf course during 2021 and account for it as the Golf Enterprise fund (GEA). The course will be buit on a parcel of land to be purchased from a private party. The plarned out-of-pockec costs for the new course and their financing are as follows: The City plans to sell the bonds on February 1,2021, Because the bonds are a term issue, bond principal metures in full on February 1, 2031. Interest is payable each August 1 and February 1, beginning August 1, 2021. The bond covenant requires that assets equal to one-tenth of the bond principal be transferred to a restricted account within the GEF on December 31 of each year. What observes a calendar freal year. Simmons Design and Construction ins. (simmond has been ewarded the contract to develop the golf course. Construction will commence Februay 15, 2021, and be completed no later than May 31, so iz can open for buriness during fune. The contract sipulates that progress bilings from 5 immons will be paid within 30 days of receipt, with 5 percent retainage held pending completion and acceptance of the project. The city engineer will inspect the contractors work and approve progress payments Accouming for the GEf will be done by the citys exseing accounting department ta General fund department), which will bili the GeF for servicts rendered at the end of the year. To help the GEF get on its feet financially, no interfund payables will be settled in cash duning 2021. The folowing events and transactions ccourred during the year ended December 31.2021: January 11, 2021: Whatt falls formally tstablished the Gef, the funds first transaction was the receipt, in cast, of the capital contribution from the General Fund january 74. The city acquired the adacent parcel of land from the private owner for the planned 1540000 Feboniary 1: the tevenue bonds wete sold at pat (\$330000) Fetruary 15 Developinters of the goll course itstil and commucton of the cubhouse. commented spprored and set up as a consuruction confrocts payable a fuer deductind the 5 . percent totainage illecause of the short duration of the construction period of the dutihouse [toalsingn'] incalied with the remainder to the thichors tuldirs May 23: 51mm mons' thind and final peogress biting, 5770000 fall of which regresents cubhiouse construction costs). was appioved and set vo as a ton weructicn oont acts payable after deducting the 5 percent retainage. May 30. The cortstiction contracts pajable cuarenty due Simmons was pait. June 1: The new goif course was formaty accephed by the Cry fwathout reas for "louchep" workl, and all remainint amounts dot to Simmoris were pall lune 1: The City acquired golf colire maintenance equiciment by entering into a 4year lease. The first lease payment of 355.000 was paid on lune 2 when the fquprtent was deivered, The remaining lease payments of 3 s. . cao each will occur on the first. second, and third anmiversary of the first payment. Aswume that the interest rate on the lease is 4 percent. june 2: If ventory in the amount of 513.200 was acquired for the pro whop the purchase created an accounts payable. June 4. The course opened for butiress. Greens fees (charges for servicer). asgreqated 5229,900 for lune. Pro thop wales amounted to \$5,500. All revenues were collected pune 30: Experises for june were an follown, (charge all expenses io roperating expenses-cost of sales 7 Maintenance and proshop tabor (paid in crsh) - 552.250 Maintenance supplies, from the Parks Department-specul Hevenuet Fund - 14.400 (The ifrugice was receined, but not paid] Water, supplied by the Whict faus water unility-an Enterprite Fund is 188000 (The ifroice was receved, but not paid.) Cost of metchandisesold ty the pro thop +32420 August 1: The frist debt service paytnent on the revenue bonds was made. December 31- Greens fee revenues for the second hay of 2 ch.1 toealed 1401.000 : pro shop sales for the same period were $23320. December 31: Second ay 2021 expenses were as follon: Maintenance and pro shop labor (paid in casty. 577.000 Maintenante supplies, from the Parks Departiment - Specal Reverue fund - 34 ape The invoice was recelyet. but not paid. Water, supplied by the Whit falls water ueility-an Fnterprise fand - 193000 (the invoice was received, but not paid.) Cost of mechandise wold by the pro shop i 53.190 Accounting and administrative servicts provided by the accounsing departament- General fund 59,900 . (The levoice was recelved but not paidi) December 31: Interest was accried on the revenue boridt. December 31: The cef recorded depreciatian of for the year of 534.500 on the building and 527,500 on beding improvements. December 31. The GeF recorded amontization on the intangble atset lease of 125953 December 31-A.Resticted Cast account was etrablitied in accordance with the resurements of the bond coverant. af hrepare the journal entrits for the 2021 activity in the Goif Enterprist fund If an entry affects more than one debit or credit account, enter the accounts in arder af magnitude (largest to smalles balances), debits first. if twe acceunts have the same balance. enter in aiphabetic order. flound any calculatiens to the nearest dollar. Use a four-digit present value of an aninuity due table in the capital lease calculation. If an entry affects more than one debit or credit account enter the accounts in order of magnitude (largest to smallest balances), debits first. If two accounts have the same balance, enter in alphabetic order. c) Prepare the statement of net potition for the Goif Enterprite fund at December 31, 7021 Enter contra account amounts as negative numbers. d) Prepare the statement of revenues, expenses, and changes in fund net position for the Golf Course Enterprise Fund for the year ended December 31, 2021. Enter revenues and operating expenses in order of magnitude (largest to smallest amounts)