Prepare a journal entry for govemmental funds and govemment wide govemmental activities for each of the following transactions entered into by the City of Loveland (if no entry is required for a transactionlevent, select "No Journal Entry Required" in the first account field.) Fuad Debit Credit 1. The city received a donation of land that is to be used by Parks and Recreation to dev a fair value of $5,900,000 and was recorded on the donor's books at a historical cost of $5,200,000 elop a public park. At the time of the donation, the land had General Fund Govemmental Activities t sold machinery with a historical cost of $36,150 and accumulated depreciation of $30,000 for $5,825 The with special nevenue funds General Fund Governmental Activities Since the tem of the lease exceeded 75 percent of the useful life of the car, the lease was capitalized 3 first payment was $1,1 t was $1,10 0 and the present value of the rem aining lease poyments was $37 000 3a General Fund