The Finance Director of the City of Wrong Way has

The Finance Director of the City of Wrong Way has asked for your assistance in reviewing the
Statement of Net Position that he has prepared for the year ended June 30, 20X9. The
statement is shown below.Additional Information1. The city has multiple governmental and
proprietary funds. Its only fiduciary fund is a pension plan. It has four component units. All fund
and component unit statements were prepared correctly.2. All amounts disclosed for
depreciable and nondepreciable capital assets in the city’s Capital Assets Schedule are
considered material, individually and in total.3. Bonds for $10,000 were issued at the end of the
year in a private placement (no premium, discount, or bond issue costs). All bonds have been
issued for capital asset acquisition.RequiredIdentify the errors in the Statement of Net Position.
Explain why each item you find isincorrect. View Solution: The Finance Director of the City of
Wrong Way has
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