I ONLY NEED HELP FROM 4B 6 OF THE JOURNAL ENTRYS 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 ) Transaction Fund Governmental Activties 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 $4,200,000 and was recorded on the donors books at a historical cost of $3,500,000 1 General Fund No Journal Entry Required Governmental Activities Land 4,200,000 Program RevenuesCulture and RecreationCapital Grants and Contributions 4,200,000 2 The Public Works Department sold machinery with a historical cost of $34,100 and accumulated depreciation of $28,350 for $5,400 The machinery had originally been purchased with special revenue funds 2 General Fund Cash 5,400 5,400 Governmental Activities Cash 5,400 Accumulated DepreciationMachinery and Equipment 28,350 Loss on Sale of Machinery 350 Machinery and Equipment 34,100 3 A car was leased for the mayors use The first payment was $1,200 and the present value of the remaining lease payments was $19,000 (Note The initial cash payment was made by the General Fund ) 3a General Fund ExpendituresGeneral Government 20,200 Cash 1,200 Other Financing SourcesLease Agreements 19,000 3b Governmental Activities Machinery and Equipment 20,200 Cash 1,200 Lease Obligations Payable 19,000 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 $9,470,000 current year construction costs totaled $670,000, paid in cash The full cost is attributed to the building because it was constructed on city owned property The building came in $7,000 under budget, which is transferred to the General Fund 4a Capital Project Fund Record the $670,000 cash payment made for construction costs during this year Construction Expenditures 670,000 Cash 670,000 4b Record the balance $7,000 transferred to the General Fund 4c General Fund 4d Governmental Activities Record in the governmental activities general journal, the $670,000 cash payment made for construction costs during this year 4e 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 $9,470,000 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 5 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 $1,056,000 6 General Fund Governmental Activities

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I ONLY NEED HELP FROM 4B - 6 OF THE JOURNAL ENTRYS Prepare journal entries for each of the following transactions entered into by the

I ONLY NEED HELP FROM 4B - 6 OF THE JOURNAL ENTRYS

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.)

Transaction	Fund / Governmental Activties	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 $4,200,000 and was recorded on the donors books at a historical cost of $3,500,000.
1	General Fund	No Journal Entry Required


	Governmental Activities	Land	4,200,000
		Program RevenuesCulture and RecreationCapital Grants and Contributions		4,200,000

2. The Public Works Department sold machinery with a historical cost of $34,100 and accumulated depreciation of $28,350 for $5,400. The machinery had originally been purchased with special revenue funds.
2	General Fund	Cash	5,400
				5,400

	Governmental Activities	Cash	5,400
		Accumulated DepreciationMachinery and Equipment	28,350
		Loss on Sale of Machinery	350
		Machinery and Equipment		34,100

3. A car was leased for the mayors use. The first payment was $1,200 and the present value of the remaining lease payments was $19,000. (Note: The initial cash payment was made by the General Fund.)
3a	General Fund	ExpendituresGeneral Government	20,200
		Cash		1,200
		Other Financing SourcesLease Agreements		19,000

3b	Governmental Activities	Machinery and Equipment	20,200
		Cash		1,200
		Lease Obligations Payable		19,000

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 $9,470,000; current-year construction costs totaled $670,000, paid in cash. The full cost is attributed to the building because it was constructed on city-owned property. The building came in $7,000 under budget, which is transferred to the General Fund.
4a	Capital Project Fund	Record the $670,000 cash payment made for construction costs during this year.
		Construction Expenditures	670,000
		Cash		670,000

4b		Record the balance $7,000 transferred to the General Fund.



4c	General Fund


4d	Governmental Activities	Record in the governmental activities general journal, the $670,000 cash payment made for construction costs during this year.



4e		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 $9,470,000.



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.
5	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 $1,056,000.
6	General Fund


	Governmental Activities