Use Chapter 17 Problem 42 on Page 852 To prepare the following: 1. Prepare journal entries for the fund financial statements; 2. Prepare a Statement of Revenues, Expenditures, and Other Changes in Fund Balance and a Balance Sheet for the fund; 3. Prepare journal entries for the government-wide financial statements; 4. Prepare a Statement of Activities and a Statement of Net Position for governmental activities in government-wide financial statements; 42. The following information pertains to the City of Williamson for 2020, its first year of legal existence. For convenience, assume that all transactions are for the general fund, which has three separate functions: general government, public safety, and health and sanitation. Receipts: Property taxes Franchise taxes Charges for general government services Charges for public safety services Charges for health and sanitation services Issued long-term note payable Receivables at end of year: Property taxes (90% estimated to be collectible) Payments: Salary: General government Public safety Health and sanitation Rent: General government Public safety Health and sanitation Maintenance: General government Public safety Health and sanitation Insurance: General government $320,000 42,000 5,000 3,000 42,000 200,000 90,000 66,000 39,000 22,000 11,000 18,000 3,000 21,000 5,000 9,000 8,000 Public safety ($2,000 still prepaid at end of year) Health and sanitation Interest on debt Principal payment on debt Storage shed Equipment Supplies (20% still held) (public safety) Investments Ordered but not received: Equipment Liabilities, all of which are due in one month at end of year: Salaries: General government Public safety Health and sanitation 11,000 12,000 16,000 4,000 120,000 80,000 15,000 90,000 12,000 4,000 7,000 8,000 Compensated absences (such as vacations and sick days) legally owed to general government workers at year-end total $13,000. These amounts will not be taken by the employees until so late in 2021 that the payment is not viewed as requiring 2020 current financial resources. The city received a piece of art this year as a donation. It is valued at $14,000. The city plans to use it for general government purposes. The gift has no eligibility requirements. The city chose not to capitalize this property. General government activities use the storage shed that was acquired this year. It is depreciated over a 10-year period using the straight- line method with no residual value. The city uses the equipment for health and sanitation and depreciates it using the straight-line method over five years with no residual value. The investments are valued at $103,000 at the end of the year. For the equipment that was ordered but not yet received, the City Council (the highest decision-making body in the government) voted to honor the commitment when the equipment eventually arrives. a. Prepare a statement of activities and a statement of net position for governmental activities in government-wide financial statements for December 31, 2020, and the year then ended. b. Prepare a statement of revenues, expenditures, and other changes in fund balances and a balance sheet for the general fund in fund financial statements as of December 31, 2020, and the year then ended. Assume that the city applies the consumption method