Question: Please prepare the reconciliation between the amount reported as the 'Net Change in Fund Balances' for all governmental funds to the amount reported as the

Please prepare the reconciliation between the amount reported as the 'Net Change in Fund Balances' for all governmental funds to the amount reported as the 'Change in Net Assets' for governmental activities on the city's government-wide financial statements for the year ended 12/31/2020. The following transactions were reported on a city's governmental fund financial statements:

Net change in fund balance: $500,000

Capital outlay expenditures: 350,000

Debt-service expenditures - principal: 90,000

Debt-service expenditures - interest: 75,000

Proceeds from issuance of long term debt: 400,000

Net revenue from enterprise funds: 1,900,000

Net revenue from internal service funds: 62,000

Other subsidiary records from the town showed depreciation expense on capital assets used in governmental activities of $55,000. Please show how to calculate the amount the city should report as the change in net assets for governmental activities.

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