On November 7, 2019, a city used tax resources of $70,000 to acquire three police cars. The police cars were expected to have a useful life of three years, after which the salvage value would be $10,000. The city policy is to depreciate capital assets using the straight-line method. Identify the adjustment entries, if any, necessary to prepare government-wide financial statements from the city's calendar year 2019 fund-level statements.

Capital assetsequipment 70,000

Expenditurescapital outlay 70,000

No journal entries are needed

Fund balance 70,000

Expenditurescapital outlay 70,000

Capital assetsequipment 60,000

Expenditurescapital outlay 60,000