Government and NFP Acounting.Question- 1 During FY 2008, the voters of the Town ...

Government and NFP Acounting.Question- 1 During FY 2008, the voters of the Town of Dexter approved constructing and equipping a recreation center to be financed by tax-supported bonds in the amount of $3,000,000. During 2008, the following events and transactions occurred. 1. Preliminary planning and engineering expenses in the amount of $60,000 were incurred. No money was immediately available for paying these costs (credit Vouchers Payable). 2. Supplies to be used by the town`s own workforce in connection with the project were ordered in the amount of $30,600. 3. A contract was let under competitive bids for a major segment of the construction project in the amount of $2,500,000. 4. All the supplies referred to in item 2 were received at a net cost of $30,500. This amount was approved for payment. 5. An interfund invoice (not encumbered) was received from the Water Utility Fund (an enterprise fund) for work done on the project in the amount of $40,000. The invoice was approved for payment. 6. An invoice for $1,600,000 was received from a contractor for a portion of work that had been completed under the general contract. 7. The bond issue was sold at par plus accrued interest of $25,000 (the accrued interest was deposited in the fund that will service the bonded debt). 8. The amount due the Water Utility Fund was paid. 9. The contractor`s bill, less a 4 percentage retention, was vouchered for payment. 10. All vouchers payable, except $1,300 (about which there was some controversy), were paid. 11. Cash in the amount of $1,300,000 was invested in short-term marketable securities. 12. Fiscal year-end closing entries were prepared. Required: a. Prepare journal entries to record the preceding information in the Town of Dexter Recreation Center Construction Fund and the governmental activities general journal at the government-wide level. b. Prepare a Town of Dexter Recreation Center Construction Fund balance sheet for the year ended December 31, 2008. c. Prepare a Town of Dexter Recreation Center Construction Fund statement of revenues, expenditures, and changes in fund balance for the year ended December 31, 2008. d. How would these capital expenditures for the recreation center appear on the Town of Dexter`s government-wide statements of net assets and activities?
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