Defining tie Reporting Entity. Use the comprehensive annual financial report (CAFR) obtained for Exercise/Problem 1—1, or else locate one for a local government using either the government’s own Web site or the Governmental Accounting Standards Board’s Web site (follow the links ‘Project Pages” and ‘Statement 34”). Review the notes to the financial statements to find the note that describes the government’s reporting entity. Prepare a brief written report summarizing the legally separate organizations that are included as component units of the governmental reporting entity and those that were excluded, and the reasons given for inclusion or exclusion. Also, indicate whether each component unit is reported by blending or by discrete presentation. How and where is financial information for individual component units reported? Describe any legally separate organizations identified as ‘related organizations” and why they are accorded this treatment.