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Residents of Green Acres, a gated community located in the City of Foothills, voted to form a local improvement district to fund the construction of
Residents of Green Acres, a gated community located in the City of Foothills, voted to form a local improvement district to fund the construction of a neighborhood park. The city agreed to administer the bonded debt; however, residents of Green Acres are solely responsible for repaying the bond issue. The following events are related to the special assessment park debt for the current fiscal year: 1. On January 1, the city assessed levies totaling $5,800,000 on properties within Green Acres. The levies are payable in 10 equal annual installments due at the end of the fiscal year, beginning in the current year, with 3 percent interest due on unpaid installments. 2. All assessments associated with the current year's installment were collected by December 31, as was the interest due on the unpaid installments. A portion of assessments receivable equal to next year's installment of $580,000 was reclassified as current. 3. On December 31, the first principal payment of $580,000 was made to bondholders, as was interest on the debt. 4. All additions and deductions were recorded by the custodial fund. Assume that all additions and deductions can be aggregated because resources are held less than three months. How would this fund be reported in the City of Foothills' financial statements? (You may select more than one answer. Single cli the box with the question mark to produce a check mark for a correct answer and double click the box with the question mar to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) Combine with other custodial funds. Report in the Government-wide financial statements. Report in the General fund. Show in a separate column on the statement of fiduciary net position
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