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The City of Bernard starts the year of 2 0 2 4 with the following unrestricted amounts in its general fund: cash of $ 3

The City of Bernard starts the year of 2024 with the following unrestricted amounts in its general fund: cash of $36,750 and investments of $71,750. In addition, it holds a small building bought on January 1,2023, for general government purposes for $346,000 and a related long-term debt of $276,800. The building is depreciated on the straight-line method over 10 years. The annual interest rate on the debt is 10 percent. The general fund has four separate functions: general government, public safety, public works, and health and sanitation. Other information includes the following:
Receipts:
Property taxes $ 605,000
Sales taxes 99,600
Dividend income 28,000
Charges for general government services 15,000
Charges for public safety services 8,250
Charges for public works 3,900
Charges for health and sanitation services 38,000
Charges for landfill 11,700
Grant to be used for salaries for health workers (no eligibility requirements)30,600
Issued long-term note payable 230,000
Sold investments (mentioned above)86,250
Receivables at year-end:
Property taxes ($10,000 is expected to be uncollectible)150,000
Payments:
Salary:
General government 129,000
Public safety 109,250
Public works 77,750
Health and sanitation (all from grant)26,100
Utilities:
General government 13,800
Public safety 19,300
Public works 15,350
Health and sanitation 6,600
Insurance:
General government 31,500
Public safety 21,700
Public works (all prepaid as of the end of the year)7,200
Health and sanitation 5,100
Miscellaneous:
General government 16,000
Public safety 10,000
Public works 9,800
Health and sanitation 7,800
Interest on previous debt 27,680
Principal payment on previous debt 18,200
Interest on new debt 20,700
Building (public works)228,000
Equipment (public safety)102,000
Public works supplies (30% still held)26,300
Investments 112,000
Ordered but not received:
Equipment 32,500
Supplies 8,350
Due at end of year:
Salaries:
General government 14,600
Public safety 19,250
Public works 5,700
On the last day of the year, the city borrows $72,000 from a local bank and uses the money to buy a truck. The first payment on the loan (plus interest) will be made at the end of the next year.
The city opens a landfill this year that it records within its general fund. It is a public works function. Closure costs today is estimated as $304,500 although officials do not expect the landfill to be filled for nine more years. The city has incurred no costs to date. The landfill is now 15 percent filled.
For the equipment and supplies that were ordered but not yet received, the City Council (the highest decision-making body in the government) has voted to honor the commitment when the items arrive.
The new building is depreciated over 20 years using the straight-line method and no residual value. Depreciation of the equipment is similar except that its life is only 10 years. Assume the city records a full years depreciation in the year of acquisition.
The investments have a market value of $121,000 at year-end.
a-2. Prepare a statement of net position for governmental activities in government-wide financial statements for December 31,2024, and the year then ended.
b-1. Prepare a statement of revenues, expenditures, and other changes in fund balances for the general fund in fund financial statements as of December 31,2024, and the year then ended. Assume the purchases method is applied.
b-2. Prepare a balance sheet for the general fund in fund financial statements as of December 31,2024, and the year then ended. Assume the purchases method is applied.
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