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. DETERMINE BOW THESE TRANSACTIONS SHOULD BE REPORTED (LF AT ALL) IN THE CITY'S BALANCE SHEET AT DECEMBER 31, 19XI. YOU ARE TO MAKE THIS DETERMINATION INDEPENDENTLY OF THE MATERIAL IN THE CHAPTER. ACCORDINGLY, DO NOT REFER TO THE MATERIAL IN THE CHAPTER. 2. PREPARE A BLANCE SHEET AT DECEMBER 31, 19X1 AND AN OPERATING STATEMENT FOR THE YEAR ENDED DECEMBER 31, 19x1. PROBLEM The city of Twin Hills was incorporated on January 1, 19X1. The city had the following transactions and events during 1911 1. Property taxes of $650,000 for calendar year 19x1 were assessed. Collections totaled $580.000. At December 31. 1911, S10,000 is expected to be uncollectible. 2. On 1/1/11, the city issued 7% general obligation-bonds (face value of S1,000,000) for $1,000,000. The proceeds were used to build a City Hall, which was completed on June 30, 19X1. The City Ball is expected to last 50 years and straight line depreciation is used. 3. The 7% bond issue is to be repaid S40,000 per year beginning December 3 19X1 (the principal payment was made on time). 4. interest is due semiannually on July 1 and January 1. There is a five-day grace period. The July 1, 19X1 interest payment of $35,000 was made on time. The January 1, 19X2 interest payment of S35.000 was made on January 19X2 5. Supplies of $90,000 were ordered. Of this amount, $77,000 was received, $65.000 of which had been paid for by,year end. The physical inventory at year end totals $20,000. of which had been paid for byx-year end. The physical inventory at year end totals 6. The city incurred $60,000 of costs (all of which have been paid for by year end for making sidewalk improvements. r 7. City employees were paid $300,000. At 12/31/x1, 523.000 is owed but unpaid to these employees. 8. Two of the city's employees did not take their vacation during 19X1, Unused acation pay vests ($4.000 for these two employees) 9. Unused sick leave days also vests. At 12/31/X1. S16,000 would be paid to the X1. $16.000 would be paid to the ty's employees if their employment with the city was terminated