The following trial balance for City of Happyday represents accrual data for governmental activities taken from the completed conversion worksheet: Account Debits Credits Cash S 400,000 Investment 800,000 Property Taxes receivable (net) 250,000 Capital Assets (net) 5,950,000 Expenses-General Government 1,230,000 Expenses- Public Safety 950,000 Expenses- Parks & Recreation 530,000 Expenses- Interest 175,000 Transfers Out to Business Activities 200,000 Accounts Payable & other current liabilities S 85,000 L T Compensated Absences Liability 1,200,000 Capital Leases payable 750,000 Bonds Payable ( City Hall construction) 2,000,000 Premium on bonds 15,000 Net Position at beginning of year 1,975,000 Property Tax Revenues 3,700,000 Special Items- Gain on land 300,000 Park Fees 195,000 Grant for Police Training 215,000 Investment Earnings 50,000 $ 10,485,000 $ 10,485,000 Requirements: 1. Complete the activity statement (L-shaped) included on the next page of the test booklet. 2. Prepare the statement of net position that complies with GASB #34 requirements for governmental activities only. Use the exam itself for your answers. Make sure you separate the ending net position into the appropriate sub- categories. If applicable, a deficit net position is shown in (brackets).