The City of Pfeiffer starts the year of 2020 with the general fund and an enterprise fund. The general fund has two activities: education and parks/recreation. For convenience, assume that the general fund holds $100,000 cash and a new school building costing $950,000. The city utilizes straight-line depreciation. The buliding has a 20 -year life and no residual value. The enterprise fund has $84,500 cash and a new $540,000 civic auditorium with a 30-year life and no residual value. The enterprise fund monitors one activity, the rental of the civic auditorium for entertainment and other cultural affairs. The following transactions for the city take place during 2020. Assume that the city's fiscal year ends on December 31. a. Decides to bulid a municipal park and transfers cash of $103,000 into a capital projects fund, Both the creation of this fund and the transfer were made by the highest level of government authority. The city immediately expends $29,900 to acquire three acres of land. b. Borrows $165,100 cash on a long-term bond for use in creating the new municipal park. c. Assesses property taxes on the first day of the year. The assessment, which is immediately enforceable, totals $900,900. Of this amount, $765,700 will be collected during 2020 . Officials expect another $75,400 during the first month of 2021 . They anticipate the remainder halfway through 2021. d. Constructs a covered building in the new municipal park for 40,000 cash so that local citizens can play basketball when it rains. The building is put into service on July 1 . It should last 10 years with no expected residual value. e. Builds a sidewalk through the new park for $40,000 cash and puts it into service on July 1 . The sidewalk should normally last for 10 years, but the city plans to keep it fixed up to a predetermined quality level so that it can last almost indefinitely. t. Opens the park and charges an entrance fee of only a token amount. The city reports the park within its general fund. Collections during the first year of operations total $4,000