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Question 1 Not complete Marked out of 5.00 Fund and Govemment-Wide Reporting Consider the following transactions of Dillingham County: 1. General obligation bonds of $10,000,000 are issued at par to nance the cost of a new re station. The re station is built for $9,925,000, and remaining cash of $75,000 is transferred for future payment of the debt principal. 2. An old police vehicle with a book value of $5,000 Is sold for $2,000. A new vehicle is purchased using general revenues of $50,000. Police activities are reported as part of general operations. 3. A municipal golf course Issues 950,000 in bonds to nance its activities. The bonds are expected to be paid using golf course revenues. 4. A central publishing shop, which services municipal agencies on a fee-for-senrice basis, purchases equipment for $15,000. 5. Equipment Is purchased by a fund dedicated to enhanced 911 service, at a cost of $300,000. This service is funded by a property tax levy for that purpose. 6. Downloadable electronic books costing $15,000 are purchased by a local public library. The acquisition Is nanced by a trust fund set up by a wealthy citizen. using Income from Investments. The principal of the trust must remain Intact. Public library activities are reported In the general fund. ?. Same as 6., but there is no restriction on spending the principal of the trust. Required For each of the above transactions, prepare journal entries necessary to record the transactions in both the fund nancial statements and the government-wide financial statements for Dillingham County. For the govemment-wide entries, Indicate whether the Item Is reported in governmental or business-type activities. For the fund entries. indicate which fund is affected. 1. General obligation bonds of $10,000,000 are issued at par to nance the cost of a new re station. The re station is built for $9,925,000, and remaining cash of $15,000 is transferred for future payment of the debt principal. Which fund is the transaction recorded in? Special revenue fund Description Debit Credit 0 Cl 0 0 To record issuance of bonds. 0 O 0 0 To record costs incurred to build the re staon. O O 0 0 To record transfer of remaining cash for future payment of debt. Which fund is the transaction recorded in? Description Debit Credit 0 0 0 0 To record receipt ofremaining cash for xture payment of debt. Governmentwide statements ltemts] Isiare reported as Description Debit Credit C O To record issuance of bonds. O o O the costs incurred to build the fire station. 2. An old police vehicle with a book value of $5,000 is sold for $2,000. A new vehicle is purchased using general revenues of $50,000. Police activities are reported as part of general operations. Which fund is the transaction recorded in? Description Debit Credit 0 O O To record sale of vehicle. 0 To record purchase of new vehicle. Government-wide statements Item(s) is/are reported as Description Debit Credit Cash 0 0 O O Oo To record sale of vehicle. 0 0 O To record purchase of new vehicle. 3. A municipal golf course issues $750,000 in bonds to finance its activities. The bonds are expected to be paid using golf course revenues. Which fund is the transaction recorded in? Description Debit Credit 0 O 0 To record issuance of bonds. Government-wide statements Item(s) is/are reported as Description Debit Credit O O O To record issuance of bonds 4. A central publishing shop, which services municipal agencies on a fee-for-service basis, purchases equipment for $15,000.Which fund is the transaction recorded in? Description Debit Credit o O O O To record purchase of equipment. Government-wide statements Item(s) is/are reported as Description Debit Credit o o o o To record purchase of equipment. 5. Equipment is purchased by a fund dedicated to enhanced 911 service, at a cost of $300,000. This service is funded by a property tax levy for that purpose. Which fund is the transaction recorded in? Description Debit Credit 0 0 0 To record purchase of equipment. Government-wide statements Item(s) is/are reported as Description Debit Credit o To record purchase of equipment. 6. Downloadable electronic books costing $15,000 are purchased by a local public library. The acquisition is financed by a trust fund set up by a wealthy citizen, using income from investments. The principal of the trust must remain intact. Public library activities are reported in the general und. Which fund is the transaction recorded in? Description Debit Credit o o 0 To record transfer of funds needed to purchase electronic books. Which fund is the transaction recorded in?Description Debit credit O OO To record receipt of transfer of funds. o o o O To record purchase of electronic books. Government-wide statements Item(s) is/are reported as Description Debit Credit O 0 To record purchase of electronic books. 7. Same as 6., but there is no restriction on spending the principal of the trust. Which fund is the transaction recorded in? Description Debit Credit O To record transfer of funds needed to purchase electronic books. Which fund is the transaction recorded in? Description Debit Credit OO To record receipt of transfer of funds. o O 0 To record purchase of electronic books. Government-wide statements Item(s) is/are reported as Description Debit Credit o O To record purchase of electronic books