2 5 6 20. [14 points) Assume that Phillie County maintains a set of books and records in a manner that facilitates the preparation of government-wide financial statements. Phillie County's depreciation policy is to use the straight-line method with no salvage valuc, and to recognize a full year of depreciation in the year of asset acquisition. Phillie County engaged in the following transactions during 2020, its third year of operations. Using good form, prepare all necessary journal entries to record these transactions in the county's government-wide set of books. Transactions a) Paid salaries to County employees, $530,000, b) Borrowed $580,000 from a local bank in order to finance the acquisition and operation of a building for the use by County administrative officials. The loan matures in 3 years. c) Paid S540,000 to purchase the building referred to in part "b". The building has an estimated useful life of 10 years d) Billed and collected $950,000 of property taxes from residents and local businesses. e) Sold land for $65,000, receiving cash. The land had been acquired in the previous year for $70,000. f) The County lost a lawsuit and will have to pay $410,000 two years after year-end. 8 9 11 12 14 15 Format v BIU Letter Accounts Debit Credit 17 18 1.) 20 21