Q3. The following information is extracted from a Citys government-wide statement of net position at December 31, 2015: (1.5 Marks)

Capital assets $4,500,000

Accumulated depreciation, capital assets $2,400,000

Bonds payable -0-

The following information is extracted from the city's governmental funds statement of revenues, expenditures, and changes in fund balances for the year ended December 31, 2015.

Expenditures - capital outlay (General Fund) $ 60,000

Expenditures - capital outlay (Capital Projects Fund) $900,000

Depreciation on old and new assets during the year was $546,000.

Prepare journal entries so the foregoing information can be used in a work sheet to prepare government-wide financial statements for the year ended December 31, 2015.

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Q4. Describe the term The Financial Reporting Entity and its various types. (1 Marks)

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