Please see the attached file for the question. Thanks for your help!

Prepare the journal entries necessary in the fund-based and government-wide journals to record each of the following transactions. Be sure to indicate to which fund your entry(ies) apply in the fund-based journal and the type of activity (GT = governmental-type activities, BT = business-type activities) in the government-wide journal. Additionally, if the entry is the same at the government-wide level, indicate this with ?SAME? and if no entry applies then indicate with ?NE?. If a transaction results in multiple entries, YOU SHOULD INDICATE CLEARLY WHETHER EACH ENTRY IS CHANGED, THE SAME, OR RESULTS IN NO ENTRY.

See ACTG 415 part 2.docx

II. Municipality Journal Entries. (50 Points) Prepare the journal entries necessary in the fund-based and government-wide journals to record each of the following transactions. Be sure to indicate to which fund your entry(ies) apply in the fund-based journal and the type of activity (GT = governmental-type activities, BT = business-type activities) in the government-wide journal. Additionally, if the entry is the same at the government-wide level, indicate this with \"SAME\" and if no entry applies then indicate with \"NE\". If a transaction results in multiple entries, YOU SHOULD INDICATE CLEARLY WHETHER EACH ENTRY IS CHANGED, THE SAME, OR RESULTS IN NO ENTRY. 1. The City Council adopted a budget for the general operations of the government during the new fiscal year. Revenues were estimated at $3,000,000. Legal authorizations for budgeted expenditures were $2,900,000. The city also expected to: (1) receive a unrestricted federal grant in the amount of $500,000, (2) issue long-term bonds of $2,500,000 and (3) make transfers to other funds amounting to $500,000. (Note: You are to record the budget.) Fund-Based Journal GENERAL FUND 2. Taxes of $3,000,000 were levied for the General Fund. Nine percent are estimated to be uncollectible. Fund-Based Journal GENERAL FUND 3. Government-wide Journal Government-wide Journal GTA On February 23, 20x3, the Town of Lincoln, which operates on the calendar year, issued 7 percent, ten-year general obligation bonds with a face value of $5,000,000 with $500,000 annual principal payments due each February 23 to finance the construction of an addition to the city hall. The bonds were sold for $5,219,993 and the premium is to be used for bond repayment. (Coupon interest rate 7%, effective interest rate 6%). Fund-Based Journal CAPITAL PROJECT FUND DEBT SERVICE FUND Government-wide Journal GTA 4. A contract in the amount of $5,000,000 was signed related to the construction of the city hall. Fund-Based Journal CPF 5. Government-wide Journal GTA On December 31, 20x3, the addition to the city hall was officially approved at a total cost of $5,100,000. The General Fund transferred the $100,000 to cover the additional cost to the appropriate fund and full payment was made to the contractor. Fund-Based Journal GF Government-wide Journal CPF 6. On February 23, 20x4, the first payment was made on the debt related to the city hall addition construction. The payment was for $850,000, which included $500,000 for principal and $350,000 for interest. If premium amortization is necessary, the amount to amortize is $36,800. Fund-Based Journal DEBT SERVICE FUND Government-wide Journal GTA 7. The Motor Pool Internal Service Fund billed the General Fund for $80,000 and the Water Utility Enterprise Fund for $150,000 for services provided. Fund-Based Journal Government-wide Journal GTA ISF GF BTA WUF 8. The Internal Service Fund purchased $800,000 in automobiles by signing a long-term note for $500,000 and paying cash for the remainder. Fund-Based Journal ISF Government-wide Journal GTA