Please help me with these two questions. I have another class (statistics) that I am taking concurrently and it is kicking my butt. ATTACHMENT PREVIEW Download attachment Use Word or Excel to complete journal entries for Problem 1 and Problem 2.docx Use Word or Excel to complete journal entries for Problem 1 and Problem 2. Problem 1 The City of Newport orders a new phone system (General Fund) with a quoted price of $101,300 on September 15. The phone system’s actual cost upon review of the invoice when received on September 30 is $100,250. The invoice was paid on October 4. Using the information above, prepare all the required journal entries for the general fund and the government-wide financial statements. Problem 2 Below are some transactions that have occurred for the City of New Haven. Prepare the journal entries (government-wide financial statements only) for each transaction: 1. The City of New Haven pays $75,000 for a work of art to display in the local library. Currently, the work of art is not for sale, but it could be sold at a later date. All funds received from the sale will go to the unrestricted fund. The work of art will be depreciated over 25 years using straight-line depreciation. 2. At the beginning of the year, the City of New Haven added street lights at a total cost of $325,000 to a new housing development. The lights are expected to last for 10 years. During the year, the City of New Haven spends $52,300 to maintain the street lights. In addition, it costs $128,700 to construct new street lights to replace ones that were outdated or broken in other areas of the city. Assume the infrastructure assets are capitalized using the modified approach.