Part 3 - Journal Entries The City of Tulsa engaged in the following transactions. For each of the transactions listed below, prepare the appropriate journal entries assuming A. Recorded in the General Fund B Recorded in the govemment-wide statements If appropriate, write "No entry required." a) The city sold for $3,500 a police car that had been purchased four years ago at a cost of $30,000. At the time of acquisition, the city estimated that the police car had a useful life of five years and a salvage value of $5,000 h) The city received a gift of land from a citizen. The land is to be used to build a city park. The land had been in the donor's family since it was homesteaded. It had a fair value when contributed of $2.5 million. c) During the year, the city spent 59 million to build a third lane on both sides of the major north- south highway through town, d) The city purchased for cash three dump trucks for $95,000 each el The cite traded in smirkin The city purchased for cash three dump trucks for $95,000 each el The city traded in a pickup truck used in general government operations for a new pickup truck paying a difference of $15,000. The old pickup track was purchased four years ago at a cost of $21,000 At the time it had an estimated useful life of five yea d an estimated salvage vale of $6,000 At the time of the trade the old truck had a fair value of $10,000 During the year the city begas construction of a new city hall. Hy year-end, the city had made pg payments to the contractor of $2.5 mill The city of Tulsa plans to purchase fuel for the operation of both its vehicles and in emergency generators for disaster recovery stations in year 2. Tulsa secures a forward contract to purchase fuel at a specific price in the future. By year-end, the price of fuel has rises above the partiend price of the contract, thereby increasing the value of the forward contract by $35,000 Pins the entry to recond the increase in value of the hedge. The hedge is deemed to be effective and qualifies for hedge accounting Tulsa en into apgy-variable, revive fixed interest rate swap to hedge the risk of changes fair value of the city's outstanding boods. The derivative is deemed to be effective and qualifie e hedge accounting As inception, the fair value of the swap was er. Changes in market conditions decreased the value of the map by $20,000 as of year- Germanal.be