The City of Baconsville engaged in the following transactions Assume that the city maintains its books and records in a manner that facilitates the preparation of government fund financial statements Required Prepare the appropriate journal entries in the general fund If appropriate, write No entry required The city purchased for cash three dump trucks for $80,000 each The city sold for $4,000 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 During the year, the city spent $12 million to build a third lane on both sides of the major north south highway through town During the year the city began construction of a new city hall By year end, the city had made progress payments to the contractor of $3 million 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 donors family since it was homesteaded It had a fair value when contributed of $2 million The City of Baconsville engaged in the following transactions Assume that the city maintains its books and records in a manner that facilitates the preparation of the government wide financial statements 2 Required Prepare the appropriate journal entries If appropriate, write No entry required The city purchased for cash three dump trucks for $80,000 each The city sold for $4,000, 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 During the year, the city spent $12 million to build a third lane on both sides of the major north south highway through town During the year the city began construction of a new city hall By year end, the city had made progress payments to the contractor of $3 million 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 donors family since it was homesteaded It has a fair value when contributed of $2 million

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Posted on Sep 12, 2024

The City of Baconsville engaged in the following transactions. Assume that the city maintains its books and records in a manner that facilitates the preparation of government fund financial statements.

Required: Prepare the appropriate journal entries in the general fund. If appropriate, write No entry required.

The city sold for $4,000 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.

During the year, the city spent $12 million to build a third lane on both sides of the major north-south highway through town.

During the year the city began construction of a new city hall. By year-end, the city had made progress payments to the contractor of $3 million.

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 donors family since it was homesteaded. It had a fair value when contributed of $2 million.

The City of Baconsville engaged in the following transactions. Assume that the city maintains its books and records in a manner that facilitates the preparation of the government-wide financial statements.

2. Required: Prepare the appropriate journal entries. If appropriate, write No entry required.

The city sold for $4,000, 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.

During the year, the city spent $12 million to build a third lane on both sides of the major north-south highway through town.

During the year the city began construction of a new city hall. By year-end, the city had made progress payments to the contractor of $3 million.

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 donors family since it was homesteaded. It has a fair value when contributed of $2 million.