Government-wide Financial Statements. Following is the governmental activities pre-closing trial balance for the Town of Freaz. Freaz is a relatively small town and, as a result, it has only governmental funds (i. e., it uses no proprietary funds). There are no component units. To complete the financial statements for its annual report, the town must prepare a government-wide statement of net assets and a statement of activities.

Required
Using the trial balance provided by the town, prepare a government-wide statement of activities and a statement of net assets. Restricted net assets for debt service increased $87 (000s omitted) for theperiod.

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TOWN OF FREAZ Pre-Closing Trial Balance As of June 30, 2011 (000s omitted) Debits Credits Cash 3,639 Investments 7,299 Taxes Receivable Delinquent Estimated Uncollectible Delinquent Taxes 5,788 49 Due from Other Funds 645 Due from Other Governments 6,343 Land 8,720 Buildings Accumulated Depreciation-Buildings 25,680 8,021 Infrastructure 85,768 Accumulated DepreciationInfrastructure Machinery & Equipment Accumulated Depreciation-Machinery & Equipment Accounts Payable 45,603 28,720 13,785 7,764 Accrued Liabilities 4,765 Due to Other Funds 748 Current Portion of Long-term Debt Bonds Payable Net AssetsInvested In Capital Assets, 8,600 28,700 Net of Related Debt 44,179 Net Assets Restricted for Debt Service Net Assets Unrestricted Program RevenuesGeneral Government- Charges for Services Program Revenues-Public Safety- Charges for Services Program Revenues-Parks & Recreation- Charges for Services Program Revenues-General Government- Operating Grants & Contributions Program RevenUeS-Public Works- Capital Grants & Contributions General Revenues-Property Taxes General RevenuesInterest & Penalties 2,123 7,678 4,411 996 359 307 1,680 13,665 746 General RevenuesInterest Income 345 Expenses General Government Expenses Public Safety Expenses Public Works Expenses Parks & Recreation Expenses Interest on Long-term Debt 2,468 11,577 5,311 1,817 749 $ 194,524 $ 194,524