The City of Bernard starts the year of 2020 with the following unrestricted amounts in its general fund: cash $27,750 and investments of $83,750. In addition, it holds a small building bought on January 1, 2019, for general government purposes for $304,000 and a related long-term debt of $243,200. 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 $552,000 Sales taxes 100,400 Dividend income 28,000 Charges for general government services 22,600 Charges for public safety services 10,600 Charges for public works 4,500 Charges for health and sanitation services 32,700 Charges for landfill 9,800 Grant to be used for salaries for health workers (no eligibility requirements) 27,800 Issued long-term note payable 215,000 Sold investments (mentioned above) 101,000 Receivables at year-end: Property taxes ($11,600 is expected to be 160,500 uncollectible) Payments: Salary: General government 99,500 Public safety 98,750 Public works 91,250 Health and sanitation (all from grant) 23,600 Utilities: General government 9,200 Public safety 20,550 Public works 17,850 Health and sanitation 5,700 Insurance: General government 28,500 Public safety 14,400 Public works (all prepaid as of the end 6,900 of the year) Health and sanitation 6,000 Miscellaneous: General government 20,800 Public safety 14,700 Public works 9,650 Health and sanitation 7,800 Interest on previous debt 24,320 Principal payment on previous debt 16,600 Interest on new debt 19,350 Building (public works) 222,000 Equipment (public safety) 93,000 Public works supplies (30% still held) 27,300 Investments 118,000 Ordered but not received: Equipment 42,000 Supplies 11,100 Due at end of year: Salaries: General government 21,100 Public safety 19,550 Public works 7,500 On the last day of the year, the city borrows $74,000 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 $289,500 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 $126,500 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. Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req B1 Req B2 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. CITY OF BERNARD Balance Sheet Governmental Funds December 31, 2020 General Fund Assets: Cash and cash equivalents Investments Receivables, net Supplies Prepaid insurance $ 0 Total assets Liabilities and fund balances: Liabilities: Salaries payable Fund balances: Supplies Prepaid insurance Building-general government (net of depreciation) Unrestricted (deficit) Total liabilities and fund balance