Prepare journal entries for each of the following transactions entered into by the City of Loveland.

2.

3b Record the lease of car to the Mayor Activities eased Asset-Machinery and Equipment Lease Obligations Payable Cash 32,200 31,000 1.000 4. During the current year, a capital projects fund completed a new public safety building that was started in the prior year. The total cost of the project was $9,770,000. Financing for the project came from a $9,040,000 bond issue that was sold in the prior year and from a $730,000 federal capital grant received in the current year. Current-year expenditures for the project totaled $1,196,000. The full cost is attributed to the building because it was constructed on city-owned property. 4a Capital Project Fund Record the funds received for the public safety building Cash 730,000 730,000 4b Record the current year's expenditure for the public safety building 1,196,000 Cash 1,196,000 4c Record the funds received for the public safety building. Activities Cash 730,000 Revenues-Public Safety-Capital Grants and Contributions 730,000 4d Record the current year's expenditure for the public safety building Construction Work in Progress 1,196,000 1,196,000 Record the transfer of the work in progress to the capital asset. 4e uildings Construction Work in Progress 9,770,000 9,770,000 5. The city records a half year of straight-line depreciation on capital assets placed in service during the year. The building in item 4 above has an estimated 30-year life and no salvage value No Journal Entry Required General Fund Governmental Depreciation Expenses-Buildings Accumulated Depreciation-Buildings 6. Due to technological developments, the city determined that the service capacity of some of the technology equipment used by general government had been impaired. The calculated impairment loss due to technology obsolescence was $1.176,000. No Journal Entry Required General Fund Governmental Expenses-General Government 1,176,000 Machinery and Equipment 1,176,000 3b Record the lease of car to the Mayor Activities eased Asset-Machinery and Equipment Lease Obligations Payable Cash 32,200 31,000 1.000 4. During the current year, a capital projects fund completed a new public safety building that was started in the prior year. The total cost of the project was $9,770,000. Financing for the project came from a $9,040,000 bond issue that was sold in the prior year and from a $730,000 federal capital grant received in the current year. Current-year expenditures for the project totaled $1,196,000. The full cost is attributed to the building because it was constructed on city-owned property. 4a Capital Project Fund Record the funds received for the public safety building Cash 730,000 730,000 4b Record the current year's expenditure for the public safety building 1,196,000 Cash 1,196,000 4c Record the funds received for the public safety building. Activities Cash 730,000 Revenues-Public Safety-Capital Grants and Contributions 730,000 4d Record the current year's expenditure for the public safety building Construction Work in Progress 1,196,000 1,196,000 Record the transfer of the work in progress to the capital asset. 4e uildings Construction Work in Progress 9,770,000 9,770,000 5. The city records a half year of straight-line depreciation on capital assets placed in service during the year. The building in item 4 above has an estimated 30-year life and no salvage value No Journal Entry Required General Fund Governmental Depreciation Expenses-Buildings Accumulated Depreciation-Buildings 6. Due to technological developments, the city determined that the service capacity of some of the technology equipment used by general government had been impaired. The calculated impairment loss due to technology obsolescence was $1.176,000. No Journal Entry Required General Fund Governmental Expenses-General Government 1,176,000 Machinery and Equipment 1,176,000