Problem 17-40 (LO 17-5) The City of Wolfe has issued its financial statements for Year 4 (assume that the city uses a calendar year). The city's general fund is made up of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum It also has one discretely presented component unit The government wide financial statements indicated the following Year 4 totals Education had net expenses of $622,000. Parks had net expenses of $105,000 Art museum had net revenues of $54.750 General revenues were $881.250; the overall increase in net position was $209,000 The fund financial statements issued for Year 4 indicated the following The general fund had an increase of $51,750 in its fund balance The capital projects fund had an increase of $60,250 in its fund balance The enterprise fund had an increase of $62,500 in its net position. Officials for Wolfe define "available" as current financial resources to be paid or collected within 60 days On the first day of Year 4, the city receives a painting as a gift that qualifies as a work of art It has a 30-year life, is worth $43.200, and is being displayed at one of the local parks. The accountant accidentally capitalized and depreciated it although offi to use the allowed alternative cials had wanted Respond to the following questions a. According to the information provided above, the general fund reported a $51,750 increase in its fund balance. If city officials had used proper alternatives in this reporting, what would have been the correct change in the fund balance for the general fund for the K Prev 6 of 9 Next>