The City of Phoenix Arizona has a variety of General

The City of Phoenix, Arizona, has a variety of General Fund investments. The city had General
Fund investments at July 1, 20X5, with a fair value of $29,269,000 and accrued interest
receivable of $71,000. (a) Record the following transactions for the City of Phoenix, General
Fund, assuming that fair value accounting applies to all General Fund investments. (b)
Assuming that the investments are investments of unrestricted resources that have not been
committed or assigned to a specific purpose, which GAAP fund balance classification will be
affected by the investment income?1. The city collected $21,000,000 as General Fund
investments matured (including $1,000,000 of interest).2. The city purchased $98,978,000 of
investments for the General Fund.3. The city collected interest on its General Fund investments
of $19,157,000 during the fiscal year.4. Accrued interest at June 30, 20X6, was $129,000.5.
The fair value of Phoenix’s General Fund investments at June 30, 20X6, was
$101,910,000.(Based on a recent City of Phoenix, Arizona, Comprehensive Annual Financial
Report.)View Solution: The City of Phoenix Arizona has a variety of General
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