The following problem is related to Governmental accounting with all relevant information contained within the attached document.

ACTG 415-CH5 Homework Problem 1) Record the following transactions in the General Ledger accounts of the General Fund of a school district AND the Government-wide entries for the current year. 1. Incurred salaries of $300,000, $280,000 of which was paid by year-end. 2. The school entered into a capital lease for copier equipment for the high school. The capitalizable cost of the equipment was $38,000, with a 10% implicit interest rate. Additionally, the town made a $4,000 down payment. The school made the first semiannual lease payment on the copier equipment of $2,400. 3. The school contributed $250,000 to the school employee's pension plan. The required annual contribution was $312,000. 4. The school received a $7,500 invoice from the water and sewer department for services; $4,000 was paid. 5. The school repaid a 6-month demand note (face value $50,000) and interest on the note ($2,500) 6. The school paid $130,000 for sick leave and vacation pay during the year, of which $14,000 of the vacation pay and $1,300 of the sick leave used by the employees this year had been carried over from the previous year. Employees can carry over 5 days of sick leave, but it does not vest until employees have worked more than 10 years and will be paid out at termination. At the end of the year, the school determined that it's unpaid amount of compensated absences earned during the current year was $40,000; $12,500 for vacation pay that employees can take whenever and $27,500 for sick leave. Of the sick leave, $10,000 can be carried over to next year and $1,500 of that amount was earned by employees who have worked at the city more than 10 years. The beginning balance of the vacation payable was $125,000. 7. The town had a wrongful termination suit brought against them and was the jury decided in the former employee's favor and awarded them $225,000 in lost wages and damages. The city's insurance company paid 1/3 of the claim and the city has to pay the remainder over 3 years; with the first payment this year. Problem 2) a. Assume the city uses the Purchases method and had materials & supplies costing $37,000 on hand at the beginning of the year. a. The school district ordered the following items are these estimated costs Supplies $112,000 b. The school received most of the supplies ordered (estimated cost, $95,000). The actual cost was $95,800. c. The school paid $93,000 of the open invoices for the supplies received. d. At year-end, the school had supplies on hand costing $22,000. b. Assume the city uses the Consumption method and had materials & supplies costing $90,000 on hand at the beginning of the year. a. The school district ordered the following items are these estimated costs Supplies $312,000 b. The school received most of the supplies ordered (estimated cost, $302,000). The actual cost was $301,800. c. The school paid $293,800 of the open invoices for the supplies received. d. At year-end, the school had supplies on hand costing $102,000. For each part, journalize the entries (General Fund only) and any year-end entries required to the Fund Balance and Inventory accounts