Prepare journal entries for each of the following transactions entered into by the City of Loveland. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your final answers to the nearest whole dollar.) Transaction Fund / Governmental Activties > Answer is not complete. General Journal Debit Credit 1. The city received a donation of land that is to be used by Parks and Recreation to develop a public park. At the time of the donation, the land had an acquisition value of $5,800,000 and was recorded on the donor's books at a historical cost of $5,100,000. 1 General Fund No Journal Entry Required Governmental Activities Land 5,600,000 Program Revenues-Culture and Recreation-Capital Grants and Contributions 5,600,000 2. The Public Works Department sold machinery with a historical cost of $36,000 and accumulated depreciation of $29,600 for $5,850. The machinery had originally been purchased with special revenue funds. 2 General Fund Cash Other Financing Sources-Proceeds of Capital Asset Sale >> 5,900 5,900 x Governmental Activities Cash Accumulated Depreciation-Machinery and Equipment Loss on Sale of Machinery Machinery and Equipment 5,900 29,450 x 350 x 35,700 x 3. A car was leased for the mayor's use. The first payment was $1,000 and the present value of the remaining lease payments was $35,000. (Note: The initial cash payment was made by the General Fund.) General Fund Expenditures-General Government Other Financing Sources-Lease Agreements Cash 34,100 1,100 1,000 3b Governmental Activities Record the lease of car to the Mayor. Leased Asset-Machinery and Equipment Lease Obligations Payable Cash 33,000 29,000 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 $9,870,000. Financing for the project came from a $9,120,000 bond issue that was sold in the prior year and from a $750,000 federal capital grant received in the current year. Current-year expenditures for the project totaled $1,236,000. The full cost is attributed to the building because it was constructed on city-owned property. 4a 4b Capital Project Fund Record the funds received for the public safety building. Cash Revenues >> 740,000 740,000 Record the current year's expenditure for the public safety building. Construction Expenditures 1,216,000 x Cash 1,216,000 x 4c 4d 4e Governmental Activities Record the funds received for the public safety building. Cash Program Revenues-Public Safety-Capital Grants and Contributions 720,000 720,000 Record the current year's expenditure for the public safety building. Construction Work in Progress 1,216,000 x Cash 1,216,000 x Record the transfer of the work in progress to the capital asset. Buildings 9,820,000 9,820,000 x Construction Work in Progress 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. 5 General Fund No Journal Entry Required 5. The city records a nall 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. 5 General Fund No Journal Entry Required Governmental Activities Depreciation Expenses-Buildings Accumulated Depreciation-Buildings 163,667 x 163,667 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 $1,216,000. 6 General Fund No Journal Entry Required Governmental Expenses-General Government Activities Machinery and Equipment > > 1,196,000 1,196,000