In the current year, a road maintenance district was established, it engaged in the following transactions involving capital assets The district maintains only one fund (General Fund) Prepare journal entries for the both the governmental fund and government wide for each situation Received authority over the roads previously owned by the parish The fair market value of the roads was $600,000 Acquired equipment for $100,000 with general fund resources Incurred costs of $500,000 to construct a building The construction was financed with general obligation bonds Acquired equipment having a fair value of $6,000 in exchange for $2,000 cash plus a piece of used equipment for which the district had paid $10,000 The used equipment had a fair value at the time of the trade of $4,000 depreciation of $3,000 had previously been recognized Sold land for $70,000, that had been acquired for $60,000 Received a donation of land from one of the towns within the district The land cost the town $120,000, but at the time of the contribution had a fair market value of $180,000 The district plans to keep and use the land Incurred $15,000 in road resurfacing costs The district estimates that its roads must be resurfaced every four years if they are to be preserved in the condition they were in when they were acquired

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In the current year, a road maintenance district was established, it engaged in the following transactions involving capital assets. The district maintains only one fund

In the current year, a road maintenance district was established, it engaged in the following transactions involving capital assets. The district maintains only one fund (General Fund).

Prepare journal entries for the both the governmental fund and government-wide for each situation.

Received authority over the roads previously owned by the parish. The fair market value of the roads was $600,000.
Acquired equipment for $100,000 with general fund resources.
Incurred costs of $500,000 to construct a building. The construction was financed with general obligation bonds.
Acquired equipment having a fair value of $6,000 in exchange for $2,000 cash plus a piece of used equipment for which the district had paid $10,000. The used equipment had a fair value at the time of the trade of $4,000; depreciation of $3,000 had previously been recognized.
Sold land for $70,000, that had been acquired for $60,000
Received a donation of land from one of the towns within the district. The land cost the town $120,000, but at the time of the contribution had a fair market value of $180,000. The district plans to keep and use the land.
Incurred $15,000 in road resurfacing costs. The district estimates that its roads must be resurfaced every four years if they are to be preserved in the condition they were in when they were acquired.