Expert Answer :Prepare the journal entries necessary in the fund-

Solved by verified expert :Prepare the journal entries necessary in the fund-based and government-wide journals to record each of the following transactions. Be sure to indicate to which fund your entry(ies) apply in the fund-based journal and the type of activity (GT = governmental-type activities, BT = business-type activities) in the government-wide journal. Additionally, if the entry is the same at the government-wide level, indicate this with “SAME” and if no entry applies then indicate with “NE”. If a transaction results in multiple entries, YOU SHOULD INDICATE CLEARLY WHETHER EACH ENTRY IS CHANGED, THE SAME, OR RESULTS IN NO ENTRY.1. The City Council adopted a budget for the general operations of the government during the new fiscal year. Revenues were estimated at $5,000,000. Legal authorizations for budgeted expenditures were $5,900,000. The city also expected to: (1) receive a unrestricted federal grant in the amount of $500,000, (2) issue long-term bonds of $3,500,000 and (3) make transfers to other funds amounting to $500,000. (Note: You are to record the budget.) Fund-Based JournalGovernment-wide JournalGENERAL FUND2. Taxes of $4,000,000 were levied for the General Fund. Eight percent are estimated to be uncollectible.Fund-Based JournalGovernment-wide JournalGENERAL FUNDGTA3. On February 23, 20×3, the Town of Lincoln, which operates on the calendar year, issued 6 percent, ten-year general obligation bonds with a face value of $6,000,000 with $600,000 annual principal payments due each February 23 to finance the construction of an addition to the city hall. The bonds were sold for $6,273,392 and the premium is to be used for bond repayment. (Coupon interest rate 6%, effective interest rate 5%).Fund-Based JournalGovernment-wide JournalCAPITAL PROJECT FUNDDEBT SERVICE FUNDGTA4. A contract in the amount of $6,000,000 was signed related to the construction of the city hall.Fund-Based JournalGovernment-wide JournalCPFGTA5. On December 31, 20×3, the addition to the city hall was officially approved at a total cost of $6,200,000. The General Fund transferred the $200,000 to cover the additional cost to the appropriate fund and full payment was made to the contractor.Fund-Based JournalGovernment-wide JournalGFCPF6. On February 23, 20×4, the first payment was made on the debt related to the city hall addition construction. The payment was for $960,000, which included $600,000 for principal and $360,000 for interest. If premium amortization is necessary, the amount to amortize is $46,330.Fund-Based JournalGovernment-wide JournalDEBT SERVICE FUNDGTA7. The Motor Pool Internal Service Fund billed the General Fund for $90,000 and the Water Utility Enterprise Fund for $160,000 for services provided.Fund-Based JournalGovernment-wide JournalISFGFWUFGTABTA8. The Internal Service Fund purchased $900,000 in automobiles by signing a long-term note for $500,000 and paying cash for the remainder.Fund-Based JournalGovernment-wide JournalISFGTA