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The following is a summary of some transactions in a government entity, which accounts for its funds on a modified accrual basis: 1- The entity
The following is a summary of some transactions in a government entity, which accounts for its funds on a modified accrual basis: 1- The entity issued $1.5 million in long-term bonds to construct an activity building. 2 The entity constructed the building for $1.1 million, paid in cash $1 million 3- A Building that cost 100,000 and with 80,000 of accumulated depreciation is retired without revenue or expenditure to the general fund. 4 The county buys a prefabricated building for $750,000, using part of the bond proceeds. The building is delivered and the invoice for the building is approved. 5- The invoice approved in point # 4 of this question, is paid Required: Prepare the journal entries in each fund
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