The City of Bernard starts the year of 2024 with the following unrestricted amounts in its general fund: cash of $31,500 and investments of $81,250. In addition, it holds a small building bought on January 1, 2023, for general government purposes for $367,000 and a related long-term debt of $293,600. 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 Charges for public works Charges for public safety services Charges for health and sanitation services Charges for landfill Grant to be used for salaries for health workers (no eligibility requirements) Issued long-term note payable Sold investments (mentioned above) Receivables at year-end: Property taxes ($19,900 is expected to be uncollectible) Payments: Salary: General government Public safety Public works Health and sanitation (all from grant) Utilities: General government Public safety $ 001,000 103, 300 21,000 10,000 9,250 3,900 38, 200 8,900 27,900 209,000 97,450 153, 300 110,000 111,000 74,250 22,500 11,300 Public works Health and sanitation Insurance: General government Public safety Public works (all prepaid as of the end of the year) Health and sanitation General government Miscellaneous: Public safety Public works Health and sanitation Interest on previous debt Principal payment on previous debt Interest on new debt Building (public works) Equipment (public safety) Public works supplies (30% still held) Investments Ordered but not received: Equipment Supplies Due at end of year: Salaries: 10,430 10, 130 0,300 30, 800 18,900 B, 100 4,800 12,400 19,900 10, 450 7.800 29, 200 17,800 18, 810 210,000 93,000 24, 200 115,000 33,750 11,700 General government Public safety Public works 18,500 18, 050 0.000 On the last day of the year, the city borrows $73,000 from a local bank and uses the money to buy a truck. The first payment on the loon (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 $290,500 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 $120,450 at year-end.