Sheet1Homework: week 311/13/2012Problem 5 - 3 City of FordacheGeneral Capital AssetsDebit Credit1 General Fund:There would be no entry since there is noflow of financial resourcesGovernmental Activities:land 5,200,000Program Revenue-Parks and Recreation-Capital Grants and Contributions 5,200,0002 General Fund:Cash 6,400Other Financing Sources-Proceeds of Capital Asset Sale 6,400Governmental Activities:Cash 6,400Accumulated Depreciation 28,700Machinery and Equipment 35,1003 General Fund:Expenditures-General Government 30,550Other Financing Sources-Capital Lease Agreements 30,000Cash 550Governmental Activities:Machinery and Equipment 30,550Capital Lease Obligation Payable 30,550Capital Lease Obligation Payable 550Cash 5504 Capital Projects Fund:Cash 720,000Revenue 720,000Construction Expenditures 1,176,000Cash 1,176,000Governmental Activities:Cash 720,000Program Revenue-Public SafetyCapital Grants and Construction 720,000Construction Work in Progress 1,176,000Cash 1,176,000Building 9,720,000Construction Work in Progress 9,720,0005 General Fund:There would be no entry since there is noflow of financial resourcesGovernmental Activities:Expenses-General Government 1,156,000Machinary and Equipment 1,156,000Problem 6 - 5 City of AppletonStatement of Legal Debt Margin31-Dec-10Debit CreditAssessed Value of Property $240,000,000 Rate of Debt Limitation 8%Amount of Debt Limitation $19,200,000 Outstanding Long-Term DebtSubject to Debt Limit:Convention Center Bonds $ 3,600,000 General Obligation Serial Bonds $ 3,100,000 Tax Increment Bonds $ 2,500,000 Total Long-Term Debt $ 9,200,000 Deductions:Amount of Assets Segregated for Debt Retirement $ 1,800,000 Net Debt Subject to Limitation $ 7,400,000 Legal Debt Margin-Amount Available for Future