ne State and Lord Low 9,000 720. Central Garage Internal Service Fund. (L07-2) The City of Ashville oper- ates an internal service fund to provide garage space and repairs for all city owned-and-operated vehicles. The Central Garage Fund's preclosing trial balance for the current fiscal year is as follows: Debits Credits Cash $110,000 Due from Other Funds Inventory of Supplies 90,000 Land 50.000 Building Allowance for Depreciation Building S 20,000 Machinery and Equipment 65,000 Allowance for Depreciation Machinery and Equipment 12.000 Vouchers Payable 31.000 Net Position-Net Investment in Capital Assets 333,000 Net Position-Unrestricted 90.000 250,000 The following information, not yet reflected in the preclosing figures above. applies to the current fiscal year 1. Supplies were purchased on account for $92,000: the perpetual inventory method is used. 2. The cost of supplies used during the year was $110,000. A physical count taken as of that date showed materials and supplies on hand totaled $72,000 at cost 3. Salaries and wages paid to employees totaled S235.000, including related costs. 4. Billings totaling $30,000 were received from the enterprise fund for utility charges. The Central Garage Fund paid $27,000 of the amount owed. (At the government-wide level, record the payable amount as Internal Balances.) 5. Depreciation of the building was recorded in the amount of $10,000, depre- ciation of the machinery and equipment amounted to $9.000. 6. Billings to other departments for services provided to them were as follows: General Fund $270,000 Special Revenue Fund 127,000 7. Unpaid interfund receivable balances were as follows: Beginning End of of Year Year General Fund $2.500 $3.000 Special Revenue Fund 6,500 9.000 8. Vouchers payable at year-end were $16,000. 9. Closing entries were prepared for the Central Garage Fund (ignore govemment- wide closing entry) Required a. Prepare journal entries to record all of the transactions for this period in the Central Garage Fund accounts and in the governmental activities accounts Assume all expenses at the government-wide level are charged to the General Government function. b. Prepare a statement of revenues, expenses, and changes in fund net position for the Central Garage Fund for the period. c. Prepare a statement of net position for the Central Garage Fund as of year-end. d. Explain what the Central Garage Fund would need to report at the govern- mental activities level, and where the information would be reported