Consider these transactions of the City of Somerville: 1. An investment pool that accumulates and invests money contribu

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Consider these transactions of the City of Somerville:
1. An investment pool that accumulates and invests money
contributed by other governments invests $200,000 in
securities.
2. Interest totaling $90,000 is paid on bonds used to finance
sewer construction, where the bonds are the liability of the
affected property owners, and the interest payment is financed by a
special assessment on the property owners.
3. Property tax bills of $4,200,000 are sent out, to be used to
finance primary government services. All bills are considered
collectible.
4. Payment of $75,000 is made for the costs of public park
programs, where the resources are provided by income from a grant
provided by a private philanthropic institution. The principal of
the grant must remain intact.
5. $70,000 in benefits are accrued and paid by an unemployment
compensation benefit plan, funded by employers and required to
cover its costs. Benefits are paid to all eligible
citizens.
6. Interest of $65,000, due next year, is accrued on bonds used
to finance a city parking garage that charges parking fees to the
public.
7. Interest of $50,000, due next year, is accrued on bonds that
finance general government activities.
Required
For each of the above transactions, prepare entries necessary to
record the transactions in both the fund financial statements and
the government-wide financial statements of the City of Somerville.
For the government-wide entries, indicate whether the item is
reported in governmental or business-type activities. For the fund
entries, indicate which fund is affected.
NOTE: If an item is not reported
in a fund statement and/or in the government-wide statements,
select not applicable and No entry as your answers and leave
Debit and Credit answers blank (zero).