The City of Bernard starts the year of 2020 with the following unrestricted amounts in its general fund: cash of $26,000 and investments of $75,000. In addition, it holds a small building bought on January 1, 2019, for general government purposes for $381,000 and a related long-term debt of $304,800. 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 Sales taxes Dividend income $590,000 108,400 25,000 Charges for general government services 22,700 Charges for public safety services 11,500 Charges for public works 6,300 Charges for health and sanitation services 31,700 Charges for landfill 9,850 Grant to be used for salaries for health workers (no eligibility requirements) 35,200 Issued long-term note payable 212,000 Sold investments (mentioned above) 93,400 Receivables at year-end: Property taxes ($11,600 is expected to be uncollectible) 141,500 Payments: Salary: General government Public safety Public works Health and sanitation (all from grant) Utilities: General government Public safety Public works Health and sanitation. Insurance: General government Public safety 129,000 101,000 80,000 30,100 11,700 16,900 13,900 4,500 32,900 15,800 Health and sanitation 4,500 Insurance: General government 32,900 Public safety 15,800 Public works (all prepaid as of the end of the year) 7,200 Health and sanitation 6,300 Miscellaneous: General government 17,900 Public safety 18,100 Public works 12,850 Health and sanitation 11,250 Interest on previous debt 30,480 Principal payment on previous debt 11,400 Interest on new debt 19,080 Building (public works) 216,000 Equipment (public safety) 96,000 Public works supplies (30 % still held) 23,200 Investments 118,000 Ordered but not received: Equipment 38,250 11,550 Supplies Due at end of year: Salaries: General government Public safety Public works 20,300 17,550 6,000 On the last day of the year, the city borrows $68,000 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 $304,000 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 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 $304,000 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 year's depreciation in the year of acquisition. The investments have a market value of $124,250 at year-end. a-1. Prepare a statement of activities for governmental activities in government-wide financial statements for December 31, 2020, and the year then ended. a-2. Prepare a statement of net position for governmental activities in government-wide financial statements for December 31, 2020, 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, 2020, 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, 2020, and the year then ended. Assume the purchases method is applied. Answer is not complete. Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req B1 Req B2 Answer is not complete. Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req B1 Req B2 Prepare a statement of activities for governmental activities in government-wide financial statements for December 31, 2020, and the year then ended. (For columns under "Net (Expense) Revenue and Changes in Net Position", enter values to be deducted with negative sign. Enter rest of the values as positive.) CITY OF BERNARD Statement of Activities For Year Ended December 31, 2020 Program Revenues Charges Functions/Programs Expenses for Services Grants and Contributions Net (Expense) Revenue and Changes in Net Position Governmental Activities Total Governmental activities: Public safety Public works Health and sanitation Interest on debt Total governmental activities General revenues: $ 0 $ 0 $ 0 $ 0 $ 0 Functions/Programs Expenses Charges for Services Grants and Contributions Governmental Activities Total Governmental activities: Public safety Public works Health and sanitation Interest on debt Total governmental activities $ 0 $ 0 $ 0 $ 0 $ 0 General revenues: Property taxes Sales taxes Dividend income Gain on sale of investments Gain on value of investments Total general revenues Change in net position: Change during 2020 Net position-beginning Net position-ending >> $ 0 $ 0 $ 0 $ 0 0 $ 0 < Req A1 Req A2 > Req A1 Req A2 Req B1 Req B2 Prepare a statement of net position for governmental activities in government-wide financial statements for December 31, 2020, and the year then ended. Assets: Current assets: Cash and cash equivalents Investments Receivables (net) Prepaid insurance Supplies Total current assets Capital assets: Building-general government Building-public works Equipment Truck CITY OF BERNARD Statement of Net Position December 31, 2020 Governmental Activities Totals $ 0 $ 0 Capital assets: Building-general government Building-public works Equipment Truck Total assets Liabilities: Current liabilities: Salaries payable Noncurrent liabilities: Long-term notes payable Bank loan payable Closure liability landfill Total liabilities Net position: Invested in capital assets, net of related debt Restricted for salaries (Grant) Unrestricted (deficit) Total net position $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Req B1 > < Req A1 Req A1 Req A2 Req B1 Req B2 Prepare a statement of revenues, expenditures, and other changes in fund balances for the general fund in fund financial statements as of December 31, 2020, and the year then ended. Assume the purchases method is applied. CITY OF BERNARD Statement of Revenues, Expenditures, and Other Changes in Fund Balances - Governmental Funds For Year Ended December 31, 2020 Revenues: Property taxes Sales taxes Dividend income Charges for services Grant Investments (unrealized gain) Investments (realized gain) Total Expenditures: Current: General governmental Public safety Public works __ General Fund $ 0 Current: General governmental Public safety Public works Health and sanitation Debt service: Principal payment on debt Interest on debt Capital outlay: Building Equipment Truck Total expenditures $ 0 Excess (deficiency) of revenues over expenses $ 0 Other financing sources: Truck Proceeds from long-term note Total other financing sources $ 0 Net changes in fund balance 0 Fund balance-beginning Fund balance-ending $ 0 Assets: Cash and cash equivalents Investments Receivables, net Supplies Prepaid insurance Total assets Liabilities and fund balances: Liabilities: Salaries payable CITY OF BERNARD Balance Sheet Governmental Funds December 31, 2020 General Fund Fund balances: Nonspendable Restricted for salaries (Grant) Committed for equipment and supplies Unassigned Total liabilities and fund balance $ 0 $ 0 $ 0