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Problem 1: Benton County voted to establish an internal service fund to account for printing and copying for all its departments and agencies. The County engaged in the following activities related to the new fund. REQUIRED: Prepare transactions to record these events in the internal service fund. If no entry is required, write “No Entry Required.” The County Commission voted to transfer $200,000 from the General Fund to the internal service fund to establish the new fund. The fund entered into a capital lease for equipment to be used in printing activities. The total present value of the lease obligation is $600,000. Issued $1 million in general obligation bonds at 101. The bonds were issued to acquire additional equipment. The bonds are to be serviced from the internal service fund. Purchased equipment at a cost of $980,000. The equipment has an estimated useful life of nine years and an estimated salvage value of $80,000. Billed the General Fund for copying and printing charges, $70,000. Paid salaries to printing employees, $50,000. Problem 2: Geneva City has prepared all of the elements of its CAFR. REQUIRED: Numbering from one to ten, indicate the order in which each of these elements should appear in the City’s CAFR. ____ Auditor’s report ____ Letter of transmittal ____ Required supplementary information other than MD&A ____ Government-wide financial statements ____ Notes to financial statements ____ Combining statements for nonmajor funds ____ Combining statements for major discretely presented component units ____ Management’s Discussion and Analysis (MD&A) ____ Statistical tables ____ Governmental fund statements Problem 3: Richards College is a not-for-profit college. Record the following transactions for Richards College. The College has a June 30, 2007 fiscal year. a. Tuition revenue for the Fall semester 2006(August – December) was $4 million; tuition for the Spring semester 2007 (January – May) was $3.8 million;…