The City of Bernard starts the year of 2024 with the following unrestricted amounts in its general fund: cash of $29,250 and investments of $72,000. In addition, it holds a small building bought on January 1, 2023, 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 Charges for general government services Charges for public safety services Charges for public works 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 ($12,100 is expected to be uncollectible) Payments: Salary: General government Public safety Public works Health and sanitation (all from grant) Utilities: General government Public safety $ 533,000 105,000 30,000 24,400 8,100 5,400 34,500 8,800 28,000 212,000 89,900 177,000 100,500 98,000 85,000 23,800 10,800 19,250 Public works 16,200 Health and sanitation 4,800 Insurance: General government 32,100 Public safety 15,600 Public works (all prepaid as of the end of the year) 8,100 Health and sanitation 5,700 General government Principal payment on previous debt Building (public works) Miscellaneous: Public safety Public works Health and sanitation Interest on previous debt Interest on new debt Equipment (public safety) Public works supplies (30% still held) Investments Ordered but not received: Equipment Supplies Due at end of year: Salaries: 19,500 14,400 9,600 10,150 30,480 17,700 19,080 216,000 96,000 27,100 113,000 26,250 11,050 General government Public safety Public works 14,900 18,200 5,700 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 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 $121,700 at year-end. Required: a-1. Prepare a statement of activities for governmental activities in government-wide financial statements for December 31, 2024, and the year then ended. 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. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. 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, 2024, and the year then ended. CITY OF BERNARD Statement of Net Position Assets: Current assets: December 31, 2024 Governmental Activities Totals Cash and cash equivalents $ Prepaid insurance Investments Receivables (net) Supplies 29,250 $ 8,100 121,700 164,900 8,130 29,250 x 8,100 121,700 164,900 8,130 Total current assets Capital assets: $ 332,080 $ 332,080 Building-general government IS 304,800 $ 304,800 Building-public works Equipment Truck 0 86,400 68,000 0 86,400 68,000 Total assets Liabilities: Current liabilities: Salaries payable Noncurrent liabilities: Bank loan payable Closure liability landfill Long-term notes payable $ 791,280 $ 791,280 $ 38,800 $ 38,800 $ 68,000 $ 45,600 68,000 45,600 0 0 Total liabilities $ 152,400 $ 152,400 Net position: Invested in capital assets, net of related debt $ Restricted for salaries (Grant) Unrestricted (deficit) 0 $ 4,200 0 0 4,200 0 Total net position $ 4,200 $ 4,200