Please answer all the questions

e. Both GAAP requirements and legal requirements must be met. d. Information should be presented that meets as many legal requirements as possible without violating GAAP in a material manner. 7. Assume that the city of Wakefield purchased a tract ofland to be used as a public park. The purchase was financed with proceeds from a five-year note issued by a local lending institution. The park itself will not be ready for public use, however, for at least two years. At the date of purchase, the city would most likely account for the transaction 1. the General Fund and General Long-Term Liabilities account. 2. the Enterprise Fund. 3. the General Fund. 4. the General Fund, the General Capital Assets account, and the General Long-Term Liabilities account. 5. the Enterprise Fund and the Capital Projects Fund. 8. Ashley Woods village issued o,ooo in general obligation bonds to finance the widening of a local thoroughfare. This transaction will most likely 1. increase fund balance in the General Fund by $4,ooo,ooo. 2. decrease fund balance in the General Fund by $4,ooo,ooo. 3. increase fund balance in the Capital Projects Fund by s4,ooo,ooo. 4. decrease fund balance in the Capital Projects Fund by s4,ooo,ooo. 5. have no effect on the fund balance of the Capital Projects Fund. 9. Government-wide financial statements include 1. a statement of net assets 2. a statement of activities. 3. a statement of cash flows. 4. All of the above. 5. Items a and b only. 6- Don of the above