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 $4,600,000 and was recorded on the donor's books at a historical cost of $3,900,000. 1 General Fund No Journal Entry Required Governmental Activities Land Program Revenues-Culture and Recreation-Capital Grants and Contributions 4,600,000 4,600,000 2. The Public Works Department sold machinery with a historical cost of $34,500 and accumulated depreciation of $28,400 for $5,600. The machinery had originally been purchased with special revenue funds. 2 General Fund Cash Other Financing Sources-Proceeds of Sale of Assets Governmental Activities Cash Accumulated Depreciation-Machinery and Equipment Loss on Sale of Machinery Machinery and Equipment 5,600 28,400 500 34,500 3. A car was leased for the mayor's use. The first payment was $1,100 and the present value of the remaining lease payments was $23,000. (Note: The initial cash payment was made by the General Fund.) General Fund Expenditures-General Government Other Financing Sources-Lease Agreements Cash Governmental 3b Activities Lease Obligations Payable Cash 24,100 23,000 1,100 24,100 23,000 1,100