Question

Gibson City reported the following items at December 31, 20X2. It has no component units and does not depreciate its infrastructure fixed assets. It issued all bonds—general obligation bonds and revenue—to acquire capital assets. As of December 31, 20X2, net assets of $25,000 were restricted for road maintenance in special revenue funds, and net assets of $30,000 were restricted for debt service. Cash of $5,000 was restricted in business-type activities for plant maintenance.


Required
Using the information provided, prepare in good form a statement of net assets for Gibson City at December 31,20X2.


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  • CreatedMay 23, 2014
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