General Fund Capital Asset and Long-Term Debt Transactions During the current year, the following transactions were recorded by the general fund of the City of Margate: Acquired a new fire truck costing $3, 420,000 in cash. Sold for $75,000 old fire-fighting equipment acquired ten years ago for $750,000. Paid interest and principal on long-term capital debt of $250,000 and $1,000,000, respectively. Required a. Prepare all journal entries made by the City of Margate's general fund for the above transactions. b. State how each transaction is reported in the general fund financial statements. c. Compute the effect of the foregoing on the general fund unassigned fund balance