The fund-basis financial statements of Jefferson County have been completed for the year 2015 and appear in the first tab of the excel spreadsheet provided with this exercise. The following information is also available:

A. Capital Assets

-Capital assets purchased in previous yera swthrough government type funds totaled 7,752,000 (net of accumulated depreciation) as of january 1.

-Depreciation on capital assets usedi n governmental-type activities amounted to 305,000

no capital assets were sold or dsiposed of and all purchases are properly reflected in the fund-basis statements as capital expenditures.

b. Long term debt

There was no outstanding long term devt associated with governmental type funds as of january 1

April1, 6 percent bonds with a face value of 700,000 were issued at a premium. bond payments are made on october 1 and april 1of each year. Interest is based on an annual rate of 6 percent and principal payments are 22,000 each. The first payment (interest and principal) was made octover 1.

C. Deffered inflows

Deferred inflows (comprised solely of property taces) are expected to be collected more than 60 days after year-end. The balance of deferred taxes at the end of 2014 was 21,000.

D. Transfers

Transfers were between governmental type funds.

E. Internal srvice fund

The (motor pool) intenral service fund's revenue is predominantly derived from departments classified as governmental type activities.

There were no amounts due to internal service fund from the general fund. The outstanding balance of due to other was with the enterprise fund and is not capital rlated.

The enterprise fund provided a long term advance to the internal service fund.

Required: Use the excel template provied to complete the following requirements; a seperate tab is provided in excel for each of these steps.

1. prepare the journal entries necessary to convert the government fund finanaical statements ot the accrual basis of accounting.

2. Post the journal entries to the conversion worksheetp rovided.

3. Prepare a government-wide statement of activities and statement of net position for the year 2015. all of the government fund revenues are general revenues.