Question

make journal entries for the following information. separate J E should be made for entries made: (1) Government Fund and (2) Government-Wide Statements. City acquired a computer system for $40,000 Completed construction of a new library incurring $500,000 in new costs. In the prior years, City had incurred $600,000 in construction costs. The project was accounted for in a capital project fund. City sold land for $17,000 that it had acquired four years ago with a sales price of $50,000. City acquired a new fire truck and traded in the old fire truck. The previous fire truck had an ending basis of $50,000 and that amount was what the City received in the value of the trade- City paid an additional $90,000 for the acquisition of the new fire truck

Answer 1