8-13. The fund-basis financial statements of Jefferson County have been com- in the first tab of the Excel spreadsheet Excel-Based Problems pleted for the year 2017 and appear provided with this exercise. The following information is also available: a. Capital Assets . Ca assets purchased in previous years through governmental- ype funds totaled $7,890,000 (net of accumulated depreciation) as of . Depreciation on capital assets used in governmental-type activities pital January 1 amounted to $316,000. erly reflected in the fund-basis statements as capital expenditures. No capital assets were sold or disposed of, and all purchases are prop- . b. Long-Term Debt . There was no outstanding long-term debt associated with governmental- type funds as of January 1 April 1, 6 percent bonds with a face value of $700,000 were issued at a premium. Bond payments are made on October 1 and April 1 of each year. Interest is based on an annual rate of 6 percent, and principal pay- ments are $22,000 each. The first payment (interest and principal) was made on October 1. Amortization of the bond premium for the current year is $1,800. c. Deferred Inflows of Resources Deferred inflows (comprised solely of property taxes) are expected to be collected more than 60 days after year-end. The balance of deferred taxes at the end of 2016 was $19,500. d. Transfers Transfers were between governmental-type funds. e. Internal Service Fund The (motor pool) internal service fund's revenue is predominantly derived from departments classified as governmental-type activities. . There were no amounts due to the internal service fund from the General Fund. The outstanding balance of Due to Other Funds was with the enterprise fund and is not capital related. The enterprise fund provided a long-term advance to the internal service fund (not capital related). . Required Use the Excel template provided to complete the following requirements; epare the journal entries necessary to convert the governmental 3. Prepare a government-wide Statement of Activities and Statement of a separate tab is provided in Excel for each of these steps. 1. Pr fund financial statements to the accrual basis of accounting. 2. Post the journal entries to the conversion worksheet provided. Net Position for the year 2017. All of the governmental fund revenues are "general revenues. his is an involved problem, requiring many steps. Here are some hints. Tab 1 is information to be used in the problem. You do not enter any- thing here. After you make the journal entries (Tab 2), post these to the work- sheet to convert to the accrual basis. This worksheet is set up so that you enter debits as positive numbers and credits as negative. After you post your entries, look at the numbers below the total credit col- umn to see that debits equal credits. If not, you probably entered a credit as a positive number b. Make sure that total debits equal total credits in the last column (bal- ances for government-wide statements). d. When calculating Restricted Net Position, recall that permanent fund principal is added to restricted fund balances