During 2017, the City of Party Beach was involved in the following transactions:

A budget consisting of estimated revenues of $1,500,000 and appropriations for expenditures of $1,550,000 was approved by the city council.

Statements of property tax assessments totaling $1,100,000 were mailed to property owners. Experience indicates that 2% of assessed taxes will be uncollectible.

Equipment costing $85,000 was purchased, and old equipment was sold for $15,000 at the end of its estimated useful life.

The city manager signed a contract to purchase a machine costing $25,000.

The city received a statement from the state indicating that the city's portion of the state sales tax is $50,000.

The machine ordered in (4) above is delivered and accepted. The invoice in the amount of $26,000 was approved for payment.

Required:

Prepare the journal entries needed to account for the preceding transactions.