What is the bottom-line impact on net position

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Reference no: EM132954832

Question: Information about the conversion of the June 30, 20X6, Governmental

Funds Balance Sheet to the Statement of Net Position for the City of Pleasant Hill is presented below.

All governmental funds' fund balances $13,000
Deferred revenues related to property taxes $2,000
Accrued interest on long-term liabilities $1,200
General Long-term capital assets $10,800
Accumulated depreciation on general long-term capital assets $4,100
General long-term liabilities:
Bonds payable for capital assets $5,700
Compensated absences payable $3,200

1. What is the bottom-line impact on Net Position related to the GCA being placed into the Government-Wide balance sheet?

2. What is the bottom-line impact on Net Position related to the formerly unrecognized long-term obligations being placed into the Government-Wide balance sheet?

Reference no: EM132954832

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