28 Jul CIRCUS CITY ISSUED AN 8%, 10-YEAR $2,000,000 BOND
Circus City issued an 8%, 10-year $2,000,000 bond to build a monorail mass transit system.The city received $1,754,217 cash from the bond issuance on January 1, 2012. The bond yieldis 10%. Interest is paid annually on December 31 of each year. Disclosure information aboutcapital assets is reported below.Disclosure of Information about Capital Assetsfor the Year Ending December 31, 2012 Primary Government Governmental Activities Beginning Balance Additions Retirements Ending BalanceLand $ 500,000 $ 500,000Building 760,000 760,000Machinery and Equipment 950,000 $(225,000) 725,000Construction in Progress $1,500,000 1,500,000Infrastructure 450,000 450,000Totals at historical cost $2,660,000 $1,500,000 $(225,000) $3,935,000Less accumulated depreciationBuilding (190,000) (59,150) (249,150)Machinery and Equipment (235,000) (76,050) 140,000 (171,050)Infrastructure (50,000) (33,800) (83,800)Total accumulated depreciation $(475,000) $(169,000) $140,000 $(504,000)Governmental activities capitalassets, net $2,185,000 $1,331,000 $ (85,000) $3,431,000Depreciation expense charged to governmental activities as follows:Public Safety $ 55,000General Government 72,000Highways and Streets 25,000Sanitation 17,000$169,000Circus City’s governmental funds financial statements are as follows: Circus City Governmental Funds Fund Balance Sheets at December 31, 2012 Capital Projects Fund Debts Service Fund Total Governmental FundsAssets General fund Monorail fund Term Bond FundCash $ 64,000 $ 300,000 $ $ 364,000Interest Receivable 12,000 4,000 16,000Investments 100,000 1,250,500 100,000 1,450,500Property Tax Receivable 183,000 183,000Total Assets $347,000 $1,562,500 $104,000 $2,013,500Liabilities and Fund BalanceVouchers Payable $ 73,000 $ 50,000 $ 123,000Total Liabilities $ 73,000 $ 50,000 $ $ 123,000Fund Balances:Unreserved 83,000 312,500 395,500Reserved for Encumbrances 191,000 1,200,000 1,391,000Debt Service 104,000 104,000Total Fund Balance 274,000 1,512,500 104,000 1,890,500Total Liabilities and FundBalances $347,000 $1,562,500 $104,000 $2,013,500 Circus City Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances for the Year Ended December 31, 2012 Capital Projects fund Debt Service Fund Total Governmental Funds General Fund Monorail Fund Term BondRevenuesProperty Taxes $ 525,000 $ 50,000 $ 575,000Licenses and Permits* 150,000 150,000State Granthighways andstreets 250,000 250,000Intergovernmentalstate grant $1,000,000 1,000,000Charges for Services (general government) 130,000 130,000Investment Earnings 75,000 75,000Total Revenue $1,130,000 $1,000,000 $ 50,000 $2,180,000ExpendituresPublic Safety $ 500,000 $ 500,000General Government 300,000 300,000Highways and Streets 130,000 130,000Sanitation 70,000 70,000Debt ServiceInterest $160,000 160,000Capital Outlay $1,500,000 1,500,000Total Expenditures $1,000,000 $1,500,000 $160,000 $2,660,000Excess (deficiency) ofrevenues over expenditures $ 130,000 $ (500,000) $(110,000) $ (480,000)Other Financing Sources (Uses)Proceeds from long-termcapital debt $1,754,217 $1,754,217Transfers in $160,000 160,000Transfers out $ (160,000) (160,000)Total other $ (160,000) $1,754,217 $160,000 $1,754,217Special ItemsProceeds from sales ofequipment $ 115,000 $ 115,000Net change in fund balance 85,000 1,254,217 50,000 1,389,217Fund balancebeginning 189,000 258,283 54,000 501,283Fund balanceending $ 274,000 $1,512,500 $104,000 $1,890,500*Revenues from licenses and permits are assigned to highways and streets ($100,000) and to thegeneral government ($50,000).Required:Using the information above, prepare the statement of activities and the statement of net assetson a government-wide basis (using full accrual accounting). The beginning fund balancein the government-wide Statement of Net Assets is $2,686,283.
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