Journal Entries LO $2$ LO $8$

The following events take place:

James Smith died and left $100$ acres of undeveloped land to the city for a future park. He acquired the land at $$100$ an acre, but at the date of his death, the land was appraised at $$7,200$ an acre.

The city authorized the transfer of $$110,000$ of general revenues and the issuance of $$1,050,000$ in general obligation bonds to construct improvements on the donated land. The bonds were sold at par.

The improvements were completed at a cost of $$1,160,000,$ and the operation of the park was turned over to the City Parks Department.

Required:

Prepare entries in general journal form to record these transactions in the proper fund$($s$).$ Designate the fund in which each transaction is recorded. If the transaction did not result in a journal entry to a government fund, record the journal entry needed to reflect the information in the government$-$wide Statement of Net Position