The following is a list of transactions that are to be recorded in the general fund of Carleton City. The transactions may also require entries in the general fixed assets account group or in the general long-term debt account group. For each account, indicate the fund or group required and provide the journal entry (or entries). (Show your workings.)

1. The city ordered two new fire trucks at an estimated cost of $150,000.

Fund or group:

Entry:

2. The fire trucks arrived. The invoice price is $154,000. The city pays $54,000 cash and finances the balance with a 4-year note to the manufacturer.

Fund or group:

Entries:

Fund or group:

Entry:

Fund or group:

Entry:

3. One of the citys fire trucks with an original cost of $50,000 is sold for $15,000.

Fund or group:

Entry:

Fund or group:

Entry:

4. The city entered into a capital lease agreement for an ambulance. The present value of the lease payment is $50,000 (equal to the fair market value of the ambulance)

Fund or group:

Entry:

Fund or group:

Entry:

Fund or group:

5. The city makes a direct payment of $35,000 to retire bonds at face value.

Fund or group:

Entry:

Fund or group:

Entry: