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The City of Pfelffer starts the year of 2020 with the general fund and an enterpilse fund. The generat fund has two acthilies education and parks/recreation. For convenience, assume that the general fund hoids $144,000 cash and a new school bullding costing $1,180,000. The city utilizes straight-line depreciation. The bulding has a 20 -year life and no residual value. The enterpise fund has $65,000 cash and a new $360,000 civic auditorlum with o 30 -year life and no residual value. The enterprise fund monifors one activity, the rental of the civic auditorlum for entertainment and other cultural affairs. The following transactions for the city take place during 2020. Assume that the city's fiscal year ends on December 31. a. Decides to build a municipal park and transfers cash of $72.000 into a capital projects fund. Both the creation of this fund and the transfer were made by the highest level of government authonty. The city. immedlately expends $20,600 to acquire thee acres of land. b. Borrows $113,400 cash on a long-term bond for use in creating the new municipal park. c. Assesses property taxes on the first day of the yeat. The assessment. which is immediately enforceable, totals $618,600,0 this: amount, $525.800 will be collected during 2020 I Officials expect another $51,600 during the first inonth of 202t. They anticipate the remainder halfway through 2021 . d. Constructs a covered building in the new municipal park for 40.000 cosh so that focal citizens can play basketball wheit it rains. The building is put into service on July t. It should last 10 years with no expected residual value. e. Builds a sidewalk through the new park for $10,000 cash and puts it into service on Jidly 1 . The sidewalk should normally last for to years, but the city plans to keep it fixed up to a predetermined quality level so that it can Last almost indefinitefy: f. Opens the park and charges an entrance fee of only a token amount. The city reports the park within its general fund. Collocikans during the first year of operations total $4,000. 9. Brrys a new parking deck for $220.000, paying $22.000 cash and signing a long term note for the rest. The parking oueck, whict goes into operation on July 1 , is across the street from the clvic auditorium and is considered part of that activity. it has a 20 year ife and no residual value. h. Receives a $110.000 cash grant for the city school system that must be spent for schoot tunches for chalden in lowincante farmilies. Oflicials view the approptiate spending of these funds as an eligibility regiliement of this grant. Duting tie ciarent yeac 540,700 of the amount received was spent for the intended porpose. and no residual value. h. Receives a $110,000 cash grant for the city school system that must be spent for school lunches for children in lowe income families. Officials view the appropriate spending of these funds as an elig bility requlrement of this grant. During the current year, $40700 of the amount recelved was spent for the intended purpose. 1. Charges students in the school system a total fee of $6,600 for books and the lke. Of this amount, 90 percent is collected during 2020 with the remainder expected to be collected in the first few weeks of 2021 . J. Buys school supplies for $23,000 cash and uses $17,800 of them. The general fund applies the purchases method. k. Recelves a painting by a local artist to be displayed in the local school, It qualifies as a work of art, and officials have chosen nat to capitalize it. The painting has a value of $83,700. Officials have set up security precautions so that the painting will be viewed as inexhaustible. 1. Transfers $20,600 cash from the general fund to the enterpilse fund as a capital contribution. m. Orders a school bus for $102.000. n. Recelves the school bus and pays an actual cost of $105.000 including transportation and other neccessary costs. The bus goes into operation on October 1. It should last for five years with no residual value. o. Pays salaries of $247.000 to school teachers. In addition, owes and will pay $30.800 during the first two weeks of 2021 . Vacations worth $23.600 have also been eamed by the teachers but will not be taken untif July 2021 . p. Pays salaries of $43.000 to city auditorium workers. In addition, owes and will pay $3.500 in the first two weeks of 2021 . Vacations worth $5,800 have also been earned by the workers but will not be taken until July 2021 q. Charges customers $150,800 for short.term rental of the civic auditorium. Or this bulance, collects $12/600 in cash and will collect the remainder in April 2021. t. Pays $10,400 maintenance charges for the building and sidewalk in (d) and (o) 5. Pays $16.200 on the bond in (b) on the tast day of 2020: $5.800 principal and $10.400 interest. 1. Accrues interest of $15,000 on the note in (9) as of the end of 2020 , an amount that it will pay in June 2021. u. Assumes a museum operating within the city is a component unit that will be discretely presented. Mie museum reports to city officials that it incurred $48,500 of direct expenses this past year and earned $57700 in revenues from admission charges. The only assets held ot year-end were cash of $27.700, buiding (net of depreciation) of 5.46,300, and a longterin 1 abifity of $242.400. Prepare the 2020 government wide financial statements for this city. Assurne the use of the moditied approach. Prey 3 of 3 :3t Next 3 Statement of Net Position Government-Wide Financial Statements