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The statement of change in net debt is unique to public sectorfinancial reporting. Assume that you are a financial accountantwith the Municipality of Walton. Prepare the 20X5/X6statement of change in net debt using the informationbelow. (Note: prepare only the current-year column, notthe comparative numbers.)MUNICIPALITY OF WALTONConsolidated statement of financial positionMarch 31, 20X6, with comparative figures for 20X5(in $000s)20X620X5Financial assetsCash95,26387,412Accounts receivable24,81218,776Taxes receivable62,47778,943Investments 59,110 46,545241,662231,676LiabilitiesAccounts payable90,99397,863Deferred revenue11,7359,745Employee future benefits127,571131,552Long-term debt364,747381,001595,046620,161Net debt(353,384)(388,485)Non-financial assetsTangible capital assets356,442364,710Inventory21,23325,641Prepaid expenses 9,542 10,301387,217400,652Accumulated surplus (deficit)$ 33,833$ 12,167MUNICIPALITY OF WALTONConsolidated statement of operationsFor the year ended March 31, 20X6, with comparative figures for20X5(in $000s)20X620X5RevenueTaxation512,098487,752User fees and charges104,75296,321Government grants37,05945,278Investment income2,4746,120Penalties and fines 24,714 20,144681,097655,615ExpensesProtective services189,216182,111Transportation services208,511200,463Environmental services61,20354,125Recreation and cultural services76,61065,875Educational services90,22093,633Urban development services 33,671 26,987659,431623,194Annual surplus (deficit)21,666 32,421Additional information:The annual surplus includes $14,718 in amortizationexpense.Tangible capital assets were purchased for $6,450.There were no TCA disposals in the year.