Reconciliations required to yield government-wide financial statements from fund financial statements and preparation of financial statements The City of Rowan is preparing its government-wide financial statements for the year. Its accountant must prepare a number of journal entries to recognize assets and liabilities previously omitted from the fund financial statements and to recognize revenues and expenses for the year under accrual accounting that were not recognized under the current financial resources measurement focus and the modified accrual basis of accounting used to prepare the Statement of Revenues, Expenditures, and Changes in Fund Balances for its funds. a. Prepare the journal entries for the required reconciliations to recognize the following in the government-wide financial statements (all amounts in $1,000s): 1. Recognize Capital Assets of $210,630 as of the beginning of the year. Reconciliation Spreadsheet Description Debit Credit 0 0 0 0 2. Record Depreciation Expense of $8,699 for the year and reverse Expenditures of $11,962 for Capital Outlays during the year. Depreciation expense 0 0 0 0 0 0 3. Recognize $9,000 of Bonds Payable as of the beginning of the year. 0 0 0 0 4. Reverse Other Financing Sources of $2,000 and Expenditures - Debt Payments of $700 relating to increases and decreases in the bond liability during the year. 0 0 Bondpayable 0 0 0 0 5. Reverse Deferred Revenue of $27,300 as of the beginning of the year. 0 0 0 0 6. Reverse $1,365 of Deferred Revenue recognized during the year. 0 0 0 0 7. Recognize Compensated Absences of $3,988 as of the beginning of the year and an increase in that liability of $199 during the year. Net position 0 0 0 0 0 0 9. Recognize a liability of $5,482 relating to the City's landfill as of the beginning of the year. The estimate for this liability did not change during the year. 0 0 0 0