The City of Bernard starts the year of 2020 with the following unrestricted amounts in its general fund: cash of $31,250 and investments of $75,250. In addition, it holds a small building bought on January 1, 2019, for general government purposes for $322,000 and a related long-term debt of $257,600. 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 Charges for general government services $581,000 104,800 21,000 20,900 Charges for public safety services 12,450 Charges for public works" 6,900 Charges for health and sanitation services 34,000 Charges for landfill 9,700 Grant to be used for salaries for health workers (no eligibility requirements) 30,600 Issued long-term note payable 221,000 Sold investments (mentioned above) 92,250 Receivables at year-end: Property taxes ($11,200 is expected to be uncollectible) 164,000 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 Public works (all prepaid as of the end of the year) Health and sanitation 107,500 118,250 86,500 27,000 10,900 19,450 13,950 4,200 31,300 18,300 6,900 5,100 Miscellaneous: General government Public safety Public works Health and sanitation Interest on previous debt Principal payment on previous debt 15,400 10,300 9,000 9,500 25,760 15,200 Interest on new debt 19,890 Building (public works) 210,000 Equipment (public safety) 111,000 Public works supplies (30% still held) 28,800 Investments 117,500 Ordered but not received: Equipment 31,750 9,350 Supplies Due at end of year: Salaries: General government Public safety Public works 21,300 21,050 5,700 On the last day of the year, the city borrows $69,000 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 $292,500 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 year's depreciation in the year of acquisition. The investments have a market value of $127,100 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. 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: General government Public safety Public works Health and sanitation Interest on debt Total governmental activities General revenues: Property taxes Sales taxes Dividend income Gain on sale of investments Gain on value of investments Total general revenues $ 0 0 $ 0 $ 0 $ 0 EA $ 0 SA 0 Change in net position: Change during 2020 Net position-beginning Net position-ending $ 0 $ 0 $ 0 $ 0 Assets: Current assets: Cash and cash equivalents Prepaid insurance Investments Receivables (net) Supplies Total current assets Capital assets: Building-general government Building-public works Equipment Truck Total assets Liabilities: Current liabilities: Salaries payable CITY OF BERNARD Statement of Net Position December 31, 2020 Governmental Activities Totals 6,900 6,900 6,900 $ 6,900 $ 6,900 $ 6,900 Noncurrent liabilities: Long-term notes payable Closure liability landfill Bank loan payable Total liabilities Net position: Invested in capital assets, net of related debt Unrestricted (deficit) Restricted for salaries (Grant) Total net position $ 0 $ 0 $ 0 $ 0 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 (realized gain) Investments (unrealized gain) Total Expenditures: Current: General governmental Public safety Public works Health and sanitation Debt service: Principal payment on debt Interest on debt General Fund $ 0 Capital outlay: Building Equipment Truck Total expenditures Excess (deficiency) of revenues over expenses Other financing sources: Proceeds from long-term note Proceeds from bank loan Total other financing sources Net changes in fund balance Fund balance-beginning Fund balance-ending $ 6969 0 $ 0 $ 0 0 69 $ 0 Assets: Cash and cash equivalents Investments Receivables, net Supplies Prepaid insurance CITY OF BERNARD Balance Sheet Governmental Funds December 31, 2020 Total assets Liabilities and fund balances: Liabilities: Salaries payable Fund balances: Nonspendable Restricted for salaries Committed for equipment and supplies Unassigned Total liabilities and fund balance General Fund SA59 0 0 $ 0