For the following fiscal year, the Genesee Central School District had the following transactions. Assume account balances for July 1 are those reported on the statement of general fixed assets as of June 30 (see activity 1).

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Assume all capital fund expenditures are financed through bonds. A School Bus, Number 96, Purchased Ten Years Ago by the General Fund At A Cost of July 24 $66,000, Was August 5 Sold for $12,500; Proceeds from the Sale Were Directed to be Deposited in the General Fund. Classroom Desks Recorded At A Cost of $50,000 Were Considered to be Useless, and Authorization Was Received to Discard Them. the Desks Were Originally Purchased by the General Fund. November Office Equipment Acquired Originally by A Capital Projects Fund Was Replaced At A Cost 12 of $11,000. the Old Equipment Was Recorded At An Original Cost of $7,500 and Was Discarded. The New Equipment Was Purchased from Proceeds of A Bond Issue in a Capital Projects Fund. February Special Computer Equipment for Students with Disabilities Costing $77,500 Was Purchased 23 May 6 With Federal Special Education Funds. A Local Business Gave the School District A Microwave Oven Valued At $400 to be Used in the Home Economics Classes.