ThefollowingrevenueswereamongthosereportedbyTosaTownshipin2018:Net rental revenue (after depreciation) from a parking garage owned by Tosa . . . . . . Interest earned on investments held for employees’ retirement benefits. . . . . . . . . . . . . Propertytaxes ........................................................$40,000 100,000 6,000,000 1. What amount of the foregoing revenues should be accounted for in Tosa’s governmentalfunds?a. $6,140,000 b. $6,100,000 c. $6,040,000 d. $6,000,000 Items(2)and(3)arebasedonthefollowinginformation:The events relating to the city of Salbury’s debt service funds that occurred during the year ended December 31, 2019, are as follows:Debtprincipalmatured ................................................. Unmatured (accrued) interest on outstanding debt at January 1, 2019 . . . . . . . . . . . . Interestonmatureddebt ................................................ Unmatured (accrued) interest on outstanding debt at December 31, 2019 . . . . . . . . . Interestrevenuefrominvestments ......................................... Cash transferred from the general fund for retirement of debt principal . . . . . . . . . . . . Cash transferred from the general fund for payment of matured interest . . . . . . . . . . . .Allprincipalandinterestduein2019werepaidontime.$2,000,000 50,000 900,000 100,000 600,000 1,000,000 900,000What is the total amount of expenditures that Salbury’s debt service funds should record for the year ended December 31, 2019?a. $940,000 b. $950,000 c. $2,900,000 d. $2,500,000How much revenue should Salbury’s debt service funds record for the year ended December 31, 2019?a. $600,000 b. $1,600,000 c. $1,900,000 d. $2,500,000Financing for the renovation of Mink City’s municipal park, begun and completed during 2019, came from the following sources:Grantfromstategovernment............................................. $400,000 Proceedsfromgeneralobligationbond ....................................500,000 TransferfromMink’sgeneralfund......................................... 100,000Whatamountsshouldberecordedasrevenueandotherfinancingsources?Revenuesa. $1,000,000 b. $900,000 c.$400,000 d.$0Other Financing Sources$0 $100,000 $600,000 $1,000,000On April 1, 2019, Rhine County incurred the following expenditures in issuing long-term bonds:Issuecosts ...........................................................$400,000 Debtinsurance........................................................ 90,000When Rhine establishes the accounting for operating debt service, what amount should be deferred and amortized over the life of the bonds?a. $0 b. $90,000 c. $400,000 d. $490,000 The initial contribution of cash from the general fund in order to establish an internal ser- vice fund would require the general fund to credit Cash and debita. AccountsReceivable. b. InterfundTransfers-Out. c. InterfundLoansReceivable. d. Expenditures. e. ResidualEquityTransfers-Out.7. ThefollowingassetsareamongthoseownedbythecityofForestGrove:Cityhall............................................................. $ 800,000 Threefirestations...................................................... 1,000,000 Citystreetsandsidewalks ...............................................5,000,0007. WhatamountshouldbeincludedinForestGrove’sgeneralfixedassetsaccountgroup?a. Either$1,800,000or$6,800,000 b. Either$1,000,000or$6,000,000 c. Either$6,800,000or$6,000,000 d. $6,800,0008. Planter County received the following proceeds that are legally restricted to expenditure for specified purposes:Leviesonaffectedpropertyownerstoinstallsidewalks......................... $500,000Gasolinetaxestofinanceroadrepairs .....................................8. WhatamountwouldbeaccountedforinPlanter’sspecialrevenuefunds?a. $1,400,000 b. $900,000 c. $500,000 d. $0900,000