Simulation Example 3: The following transactions relate to Riverview City Received a gift of S1 million. The sum is to be maintained as an endowment, with income used to preserve and improve the city's jogging trails. Collected $80 million in property taxes on behalf of the Riverview Independent School District. Per its actuary, Riverview City's annual required pension contribution for this year is $2.5 million. Of this amount, $2 million is applicable to employees whose compensation is accounted for in its general fund and $450,000 is applicable to employees whose compensation is accounted for in a utility (enterprise) fund. For that year, the city contributes to the pension plan $1.8 million from its general fund and $50,000 from its utility fund. . Using the above information answer the following questions Q1: The $1 million gift should be reported in which fund? 02. The $80 million collected by Riverview City would be reflected in statements of the appropriate fund as an increase in cash and an offsetting increase in Q 3. In the city's government-wide statements the $80 million would be reported as Q4. How much should the city record as an expenditure in its general fund and an expense in its ut fund? amount by which the city's total pension liability (net pension obligation) would increase in its government-wide statements is Simulation Example 4: Simulation Example 3: The following transactions relate to Riverview City Received a gift of S1 million. The sum is to be maintained as an endowment, with income used to preserve and improve the city's jogging trails. Collected $80 million in property taxes on behalf of the Riverview Independent School District. Per its actuary, Riverview City's annual required pension contribution for this year is $2.5 million. Of this amount, $2 million is applicable to employees whose compensation is accounted for in its general fund and $450,000 is applicable to employees whose compensation is accounted for in a utility (enterprise) fund. For that year, the city contributes to the pension plan $1.8 million from its general fund and $50,000 from its utility fund. . Using the above information answer the following questions Q1: The $1 million gift should be reported in which fund? 02. The $80 million collected by Riverview City would be reflected in statements of the appropriate fund as an increase in cash and an offsetting increase in Q 3. In the city's government-wide statements the $80 million would be reported as Q4. How much should the city record as an expenditure in its general fund and an expense in its ut fund? amount by which the city's total pension liability (net pension obligation) would increase in its government-wide statements is Simulation Example 4