Reconciliations to yield government-wide financial statements (deferred revenues and compensated absences) The City of Lexington is preparing its government-wide financial statements from its fund financial statements. The City records Deferred Revenue with a book value of $3,500 and Compensated Absences of $2,000 (all numbers in $1,000s) at the beginning of the year. During the year, these accounts Increased by $1,500 and $900, respectively. What reconciliation entries must the City include In Its government-wide financial statements relating to Deferred Revenues an Compensated Absences? Reconciliation Spreadsheet Description Debit Credit Deferred revenues 0 Revenues 0 0 0 0 To record reconciliation entry for deferred revenue. Revenues Compensated absence expense Compensated absences To record reconciliation entry for compensated absences. 0 0 0 0 Please answer all parts of the