Chapter 9 Adjusting and Closing Entries for Governmental Activities. wide Government-wide Level; Preparation of Government-w and Major Fund Financial Statements a. Prior to preparing financial statements at the end of FY 2017, is necessary to record ities at the government-wide depreciation expense for the year for govemmental activities at t level. Based on general related to capital assets assigned to specific functions, depreciation expense equipment and infrastructure is allocated to functions as shown below Eqaipment Infrastructure Buildings General Government Public Safety Public Works Culture and Recreation S 54,920 187,840 125,596 $47.700 78,150 50,980 32.170 $209,000 $ 98,620 2,244 440.600 S 98.620 Totals Required:|Para. 9-a] Record depreciation expense for the year 2017 in the governmental activities general journal at the government-wide level. Verify accuracy of the adjusting entries and post to the general ledger by clicking [Post Entriesl. Closing Entries. Although closing entries were made in cach fund in Chapters 4 b. through 6 of this cumulative problem, they have not yet been recorded at the government-wide level Required: Record the journal entries required on December 31, 2017 to close all temporary accounts for governmental activities at the government-wide level. These entries should also recognize changes in the accounts Net Position-Net Investment in Capital Assets, Net Position-Restricted for Public Safety (see General Fund), and Net Position Restricted for Capital Projects (see Capital Projects Fund to calculate net position) (Note: Due to the need to deduct accrued interest on long-term debt in caleulating the December 31, 2017 balance of Net Position-Restrieted for Debt Service you will end up with no restriction on net position for debt service.) Closing Entry) and that "Closing Entries" appears in the l Entries). For each account to be closed or reclassified, be sure and click on the check mark for Description]box. Post the closing entries to the general ledger by clicking on |Post Before closing the City of Smithville, click on [File], and (Save/Save As] to save your work. If you close the file by elicking on the IX] box you will be asked if you Use the exportable trial balances used in Chapters 2 through 6 of this problem, and governmental activities, to prepare required government-wide and governmental fund want to save your changes before closing. c. the exportable pre-closing trial balance and post-closing trial balance for is proprictary material solely for authoriaed instructor use Not authorued for sale or whole or parn