Decides to build a municipal park and transfers $98,000 into a capital projects fund and immediately expends $28,400 for a piece of land. The creation of this fund and this transfer were made by the highest level of government authority. Borrows $156,800 cash on a long-term bond for use in creating the new municipal park. Assesses property taxes on the first day of the year. The assessment, which is immediately enforceable, totals $855,600. Of this amount, $727,200 will be collected during 2017 and another $71,600 is expected in the first month of 2018. The remainder is expected about halfway through 2018. Constructs a building in the park in (b) for $44,000 cash so that local citizens can play basketball and other sports. It is put into service on July 1 and should last 10 years with no salvage value. Builds a sidewalk around the new park for $10,000 cash and puts it into service on July 1. It should last for 10 years, but the city plans to keep it up to a predetermined quality level so that it will last almost indefinitely. Opens the park and charges an entrance fee of only a token amount so that it records the park, therefore, in the general fund. Collections during this first year total $4,400.