The Switch Grinders - maintains its books in a manner that facilitates the preparation of fund accounting statements and uses worksheet adjustments to prepare government-wide statements.

1. Journal Entry: General fixed assets as of the beginning of the year, which had not been recorded, were as follows: Land $ 7,722,000 Buildings 33,495,200 Improvements Other Than Buildings 14,882,300 Equipment 11,602,000 Accumulated Depreciation, Capital Assets 25,405,600
2. Journal Entry: During the year, expenditures for capital outlays amounted to $7,532,000. Of that amount, $4,820,700 was for buildings; the remainder was for improvements other than buildings.
3. Journal Entry: The capital outlay expenditures outlined in (2) were completed at the end of the year (and will begin to be depreciated next year). For purposes of financial statement presentation, all capital assets are depreciated using the straight-line method, with no estimated salvage value. Estimated lives are as follows: buildings, 40 years; improvements other than buildings, 20 years; and equipment, 10 years.
4. Journal Entry: In the governmental funds Statement of Revenues, Expenditures, and Changes in Fund Balances, the City reported proceeds from the sale of land in the amount of $603,200. The land originally cost $508,200.
5. Journal Entry: At the beginning of the year, general obligation bonds were outstanding in the amount of $4,033,000. Unamortized bond premium amounted to $50,000.
6. Journal Entry: Record the entry for amortization of bond premium:
7. Journal Entry: During the year, debt service expenditures for the year amounted to: interest, $1,256,200; principal, $1,143,300. For purposes of government-wide statements, $5,000 of the bond premium should be amortized. No adjustment is necessary for interest accrual.
8. At year-end, additional general obligation bonds were issued in the amount of $4,722,300, at par. Prepare the journal entries for the worksheet adjustments for each of the above situations.
9. THERE IS 8 Total Journal Entries!!!