Governmental fund reconciliation to total net assets
The following data are available from the City of Boulder’s financial records on September 30, 2011:
a. The net change in fund balance—total governmental funds for the city is $1,408,950.
b. The city purchased general fixed assets at a historical cost of $225,000 during the year. No depreciation is recorded in the year of purchase.
c. Grants receivable in the amount of $165,000 are recorded as deferred revenue in the fund statements but would be recognized as revenue under accrual accounting.
d. A capital lease payable in the amount of $75,000 has been recorded as expenditure in the general fund. The related long term debt at year end is $55,000.
e. General long term debt in the amount of $350,000 has been issued and recorded in the general fund.
REQUIRED: Determine the city’s change in net assets of governmental activities that will appear in the government wide statements.