Novak issued an 8%, 10-year $1,800,000 bond to build a monorail mass transit system. The city received $1,578,796 cash from the bond issuance on January 1, 2025. The bond yield is 10%. Interest is paid annually on December 31 of each year. Disclosure information about capital assets is reported below. Disclosure of Information about Capital Assets for the Year Ending December 31, 2025 Primary Government Governmental Activities Beginning Balance Additions Retirements Ending Balance Land $500,000 $500,000 Building 760,000 760,000 Machinery and Equipment 960,000 $(223,000) 737,000 Construction in Progress $1.510,000 1,510,000 Infrastructure 450,000 450,000 Totals at historical cost $2,670,000 $1,510,000 $(223,000) $3,957,000 Less accumulated depreciation Building (190,000) (59,400) (249,400) Machinery and Equipment (237,000) (76,550) 139,000 (174,550) Infrastructure (50,000) Total accumulated depreciation $(477,000) (33,800) $(169.750) (83,800) $139,000 $(507,750) Governmental activities capital assets, net $2,193,000 $1,340,250 $(84,000) $3,449,250 Depreciation expense charged to governmental activities as follows: Public Safety $54,000 General Government 72,000 Highways and Streets 25,000 Sanitation 18.750 $169,750 Novak's governmental funds financial statements are as follows: Novak Governmental Funds Fund Balance Sheets at December 31, 2025 Capital Projects Fund Debt Service Fund Total Governmental Funds Assets General Fund Monorail Fund Term Bond Fund Cash $65,000 $300,000 $- $365,000 Interest Receivable 11,000 3,000 14,000 Investments 100,000 1,239,000 103,000 1,442,000 Property Tax Receivable Total Assets 175,000 $340,000 $1,550,000 $106,000 175,000 $1.996,000 Liabilities and Fund Balance Vouchers Payable $74,000 $51,000 $125,000 Total Liabilities $74,000 $51,000 $- $125,000 Fund Balances: Restricted for Capital projects Debt Service Assigned for encumbrance 189,000 77,000 Unassigned Total Fund Balance Total Liabilities and Fund Balances $340,000 $1,550,000 $106,000 $1,996,000 1,499,000 1,499,000 106,000 106,000 189,000 77,000 266,000 1,499,000 106,000 1,871,000 Novak Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances for the Year Ended December 31, 2025 Capital Debt Projects Service Total Governmental Fund Fund Funds General Fund Monorail Fund Term Bond Revenues Property Taxes $525,000 Licenses and Permits 150,000 State Grant-highways and streets 250,000 $1,000,000 Intergovernmental-state grant Charges for Services (general government) Investment Earnings Total Revenue Expenditures 130,000 $50,000 $575,000 150,000 250,000 1,000,000 130,000 75,000 75,000 $1,130,000 $1,000,000 $50,000 $2,180,000 Public Safety $500,000 General Government 300,000 Highways and Streets 130,000 Sanitation 70,000 Debt Service Interest Capital Outlay Total Expenditures $500,000 300,000 130,000 70,000 $144,000 144,000 $1,510,000 1,510,000 $1,000,000 $1,510,000 $144,000 $2,654,000 Excess (deficiency) of revenues over expenditures $130,000 ($510,000) ($94,000) ($474,000) Other Financing Sources (Uses) Proceeds from long-term capital debt $1,578,796 $1,578,796 Transfers in $144,000 144,000 Transfers out $(144,000) (144,000) Total other $(144,000) $1,578,796 $144,000 $1,578,796 Special Items Proceeds from sales of equipment $115,000 $115,000 Net change in fund balance 101,000 1,068,796 50,000 1,219,796 Fund balance-beginning 189,000 430,204 32,000 651,204 Fund balance-ending $290,000 $1,499,000 $82,000 $1,871,000 *Revenues from licenses and permits are assigned to highways and streets ($100,000) and to the general government ($50,000). Using the information above, prepare the statement of activities and the statement of net position on a government-wide basis (using full accrual accounting). The beginning fund balance in the government-wide Statement of Net Position is $2,844,204. (Round answers to O decimal places. e.g. 5,125.) Functions/Programs Primary Government Governmental Activities Assets Novak Statement of Activites -Government-Wide For the Year Ended December 31, 2025 Program Revenues Charges for Grants and Expenses (a) Services Contributions $ $ $ $ $ Novak Statement of Net Position - Government-Wide Basis At December 31, 2025 $ Governmental Funds $ Adjustments $ $ $ Liabilities and Fund Balance $ $ Net Position $ $ $ $ $ Total $ Net (Expense) Revenue and Changes in Net Position Primary Government Governmental Activities Statement of Net Position Total Government Activities