Prepare journal entries for each of the following transactions entered into by the City of Loveland. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your final answers to the nearest whole dollar.) Fund / Governmental Activties Transaction General Journal Debit Credit 1. The city received a donation of land that is to be used by Parks and Recreation to develop a public park. At the time of the donation, the land had an acquisition value of $4,300,000 and was recorded on the donor's books at a historical cost of $3,600,000. 1 General Fund Governmental Activities 2. The Public Works Department sold machinery with a historical cost of $34,200 and accumulated depreciation of $28,250 for $5,525. The machinery had originally been purchased with special revenue funds. 2 General Fund Governmental Activities 3. A car was leased for the mayor's use. The first payment was $1,100 and the present value of the remaining lease payments was $20,000. (Note: The initial cash payment was made by the General Fund.) За General Fund 3b Governmental Activities 4. During the current year, a capital projects fund completed a new public safety building started in the prior year. The total cost of the project was $9,495,000; current- year construction costs totaled $675,000, paid in cash. The full cost is attributed to the building because it was constructed on city-owned property. The building came in $6,900 under budget, which is transferred to the General Fund. 4a Capital Project Fund Record the $675,000 cash payment made for construction costs during this year. 4b Record the balance $6,900 transferred to the General Fund. 4c General Fund 4d Governmental Activities Record in the governmental activities general journal, the $675,000 cash payment made for construction costs during this year. Record in the governmental activities general journal, the completion of a new public safety building on city-owned property started in the prior year costing $9,495,000. 4e 5. The city records a half year of straight-line depreciation on capital assets placed in service during the year. The building in item 4 above has an estimated 30-year life and no salvage value. General Fund 5. The city records a half year of straight-line depreciation on capital assets placed in service during the year. The building in item 4 above has an estimated 30-year life and no salvage value. General Fund Governmental Activities 6. Due to technological developments, the city determined that the service capacity of some of the technology equipment used by general government had been impaired. The calculated impairment loss due to technology obsolescence was $1,066,000. 6 General Fund Governmental Activities

Prepare journal entries for each of the following transactions entered into by the City of Loveland. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your final answers to the nearest whole dollar.) Fund / Governmental Activties Transaction General Journal Debit Credit 1. The city received a donation of land that is to be used by Parks and Recreation to develop a public park. At the time of the donation, the land had an acquisition value of $4,300,000 and was recorded on the donor's books at a historical cost of $3,600,000. 1 General Fund Governmental Activities 2. The Public Works Department sold machinery with a historical cost of $34,200 and accumulated depreciation of $28,250 for $5,525. The machinery had originally been purchased with special revenue funds. 2 General Fund Governmental Activities 3. A car was leased for the mayor's use. The first payment was $1,100 and the present value of the remaining lease payments was $20,000. (Note: The initial cash payment was made by the General Fund.) За General Fund 3b Governmental Activities 4. During the current year, a capital projects fund completed a new public safety building started in the prior year. The total cost of the project was $9,495,000; current- year construction costs totaled $675,000, paid in cash. The full cost is attributed to the building because it was constructed on city-owned property. The building came in $6,900 under budget, which is transferred to the General Fund. 4a Capital Project Fund Record the $675,000 cash payment made for construction costs during this year. 4b Record the balance $6,900 transferred to the General Fund. 4c General Fund 4d Governmental Activities Record in the governmental activities general journal, the $675,000 cash payment made for construction costs during this year. Record in the governmental activities general journal, the completion of a new public safety building on city-owned property started in the prior year costing $9,495,000. 4e 5. The city records a half year of straight-line depreciation on capital assets placed in service during the year. The building in item 4 above has an estimated 30-year life and no salvage value. General Fund 5. The city records a half year of straight-line depreciation on capital assets placed in service during the year. The building in item 4 above has an estimated 30-year life and no salvage value. General Fund Governmental Activities 6. Due to technological developments, the city determined that the service capacity of some of the technology equipment used by general government had been impaired. The calculated impairment loss due to technology obsolescence was $1,066,000. 6 General Fund Governmental Activities

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 26E: Sinking Funds Entries The following information is available concerning Nunan Corporations sinking...

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