Prepare the necessary governmental fund and government-wide journal entries, assuming a December 31, 2019 fiscal year end.

1. When the budget was prepared, the city actuary advised the finance commissioner that the required pension contribution for the year, based on actuarial standards and GASB requirements, would be $60,000.  However, the amount appropriated was only $49,000.  The city does not intend to increase the appropriation.  A check for $49,000 is sent to the city’s pension fund.

Governmental Fund:
Pension Expenditure	$49,000
Cash		$49,000
Government wide:
Pension Expense
Cash