the following transactions relate to the city of arlingtons municipal airport fund for the fiscal year ended june 30 2013 prepare

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The city purchased the airport for the fair market value of its net assets.
2. Airlines were billed $ 3,900,000 for rental rights to use ticket counters and landing and maintenance space. Of this amount, $ 3,890,000 is expected to be collectible.
3. Supplies totaling $ 4,500 were purchased on credit.
4. Collections from airlines totaled $ 3,850,000.
5. Salaries of $ 200,000 were paid to airport personnel employed by the city.
6. Utility bills totaling $ 100,000 were paid.
7. A notice was received from the Last District Bankruptcy Court. Air Chance was declared bankrupt. The airport collected only $ 1,000 on its bill of $ 3,000.
8. The airport obtained $ 3,000,000 of additional permanent contributions from the General Fund to help finance improvements at the airport.
9. Interest of $ 1,825,000 was paid to the bondholders.
10. Supplies used during the year totaled $ 3,600.
11. The General Fund made an advance to the airport of $ 1,500,000. Airport management plans to repay the advance in full in 2016.
12. A contract was signed with The Construction Company for the new facilities for a total price of $ 5,000,000.
13. The Municipal Airport Fund invested $ 2,000,000 in CDs.
14. The Municipal Airport Fund received $ 315,000 upon redeeming $ 300,000 of the CDs mentioned in transaction 13.
15. The airport purchased additional equipment for $ 300,000 cash. 16. Interest expense of $ 350,000 was accrued at the end of the year.
17. Other accrued expenses totaled $ 55,000.
18. Depreciation was recorded as follows:
Buildings……… $ 500,000
Equipment ……… 180,000
19. $ 12,500 of accounts payable was paid.
20. $ 150,000 of interest revenue was received.
21. Excess cash of $ 4,500,000 was invested in CDs.

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