Use the information in problem (40) to prepare the 2013 fund financial statements for the…

Use the information in problem (40) to prepare the 2013 fund financial statements for the governmental funds and the proprietary funds. A statement of cash flows is not required. Assume that “”available”” is defined as within 60 days and that all funds are major. The General Fund is used for debt repayment. In Problem 40 a. Decides to build a municipal park and transfers $70,000 into a capital projects fund and immediately expends $20,000 for a piece of land. The creation of this fund and this transfer were made by the highest level of government authority. b. Borrows $110,000 cash on a long-term bond for use in creating the new municipal park. c. Assesses property taxes on the first day of the year. The assessment, which is immediately enforceable, totals $600,000. Of this amount, $510,000 will be collected during 2013 and another $50,000 is expected in the first month of 2014. The remainder is expected about halfway through 2014. d. Constructs a building in the park in (b) for $80,000 cash for playing basketball and other sports. It is put into service on July 1 and should last 10 years with no salvage value. e. Builds a sidewalk around the new park for $10,000 cash and puts it into service on July 1. It should last for 10 years, but the city plans to keep it up to a predetermined quality level so that it will last almost indefinitely. f. Opens the park and charges an entrance fee of only a token amount so that it records the park, therefore, in the General Fund

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