Prepare funds statements and government-wide statements

A summary of the district's firstyear transactions follows (all dollar amounts in millions).

1. It levies taxes of $400, of which it collects $360. It expects to collect the remaining $40 shortly after yearend. The taxes are unassigned as to how they may be used.
2. It incurs $225 in general operating expenditures, of which it pays $170.
3. It issues longterm bonds of $450. The bonds must be used to finance the acquisition of recreational facilities. Accordingly, they are recorded in a restricted fundthe capital projects fund.
4. The district acquires $450 of recreational facilities using the resources available in the capital projects fund.
5. The bond indenture (agreement) requires that the district periodically commit funds to repay the principal of the debt. The district transfers $50 from the general fund to the fund specially created to account for resources restricted for debt service. The District paid $27 interest on the debt.
6. $5 was transferred from the general fund to the repair service, which is accounted for in an internal service fund. The center acquires $10 of equipment, paying $5 cash and giving a longterm note of $5 in exchange. Internal service funds are are accounted for on a full accrual basis; they focus on all economic resources. Hence, they recognize both longterm assets and longterm obligations.
7. The repair service bills the district's other departments $16 and collects the full amount in cash. The other departments are all accounted for in the general fund. The service incurs cash operating expenses of $12 and recognizes $1 of depreciation.
8. A wealthy businessman donated $50 in marketable securities to the District to establish a fund to help financially distressed park maintenance retiree. Per the trust agreement only the interest and dividends from the securities can be distributed to recipients. The recipients will be selected by a committee of board members from the businessmans company.
9. The district received $5 in interest from the marketable securities. The district paid $4 from the trust to cover the living expense of a group of park retirees who were selected by the committee.

Requirement:

1. Prepare appropriate journal entries to record the transactions in individual funds. Governmental funds are accounted for on a modified accrual basis; proprietary funds on a full accrual basis.
2. Based on the entries, prepare for the governmental funds a balance sheet and a statement of revenues, expenditures, and changes in fund balances.
3. Prepare for the one proprietary fund (the internal service fund), a statement of net position (a balance sheet), and a statement of revenues, expenses, and changes in fund net position.
4. Prepare a governmentwide statement of net position (balance sheet) and a governmentwide statement of activities (statement of revenues and expenses). These statements should consolidate all funds, including the internal service fund, and should be on a full accrual basis. Assume that the district charged depreciation of $40 on recreational facilities (in addition to the amount charged in the internal service fund). Although internal service funds are categorized as proprietary funds, they typically provide most of their services to governmental activities. Hence, in the governmentwide statements, they are generally consolidated with the governmental funds rather than with enterprise funds.