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Required: Compute the following balances as of year end 2021. Net Investment in Capital Assets Unrestricted Net Position

Required: Compute the following balances as of year end 2021. Net Investment in Capital Assets Unrestricted Net Position

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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During 2021 the City of Hector Municipal Civic Arena had the following transactions affecting Net Position: Net Income $245,500 Depreciation Expense $75,000 Equipment was sold for $10,000 cash. The equipment had a carrying value of $7,500 Bonds were sold for $500,000 to finance the expansion of the building. $530,000 was spent and the building expansion was completed. Principal payments of $20,000 were made against a 10 year capital lease beginning 2019. A new sound and lighting system was installed at a cost of $150,000. A note payable of $50,000 was signed related to the new system. Beginning Equity Balances included the following: Net Investment in Capital Assets $869,400 Unrestricted Net Position $1,564,300 Required: Compute the following balances as of year end 2021. Net Investment in Capital Assets Unrestricted Net Position
Transcribed Image Text:During 2021 the City of Hector Municipal Civic Arena had the following transactions affecting Net Position: Net Income $245,500 Depreciation Expense $75,000 Equipment was sold for $10,000 cash. The equipment had a carrying value of $7,500 Bonds were sold for $500,000 to finance the expansion of the building. $530,000 was spent and the building expansion was completed. Principal payments of $20,000 were made against a 10 year capital lease beginning 2019. A new sound and lighting system was installed at a cost of $150,000. A note payable of $50,000 was signed related to the new system. Beginning Equity Balances included the following: Net Investment in Capital Assets $869,400 Unrestricted Net Position $1,564,300 Required: Compute the following balances as of year end 2021. Net Investment in Capital Assets Unrestricted Net Position
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