ACCT 567 WEEK 3 PROBLEMS 5-3 AND 6-5
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ACCT 567 WEEK 3 PROBLEMS 5-3 AND 6-5
Make all necessary entries in the appropriate governmental fund
general journal and the government-wide governmental activities general journal
for each of the following transactions entered into by the City of Fordache.
1. The city received a donation of land that is to be used by
Parks and Recreation for a park. At the time of the donation, the land had a
fair value of $5,200,000 and was recorded on the donor’s books at a historical
cost of $4,500,000.
2. The Public Works Department sold machinery with a historical
cost of $35,100 and accumulated depreciation of $28,700 for $6,400. The
machinery had originally been purchased with special revenue funds.
3. A car was leased for the mayor’s use. Since the term of the
lease exceeded 75 percent of the useful life of the car, the lease was
capitalized. The first payment was $550 and the present value of the remaining
lease payments was $30,000.
4. During the current year, a capital projects fund completed a
new public safety building that was started in the prior year. The total cost
of the project was $9,720,000. Financing for the project came from a $9,000,000
bond issue that was sold in the prior year, and from a $720,000 federal capital
grant received in the current year. Current year expenditures for the project
totaled $1,176,000. The full cost is attributed to the building since it was
constructed on city-owned property.
5. Due to technological developments, the city determined that
the service capacity of some of the technology equipment used by general
government had been impaired. The calculated impairment loss due to technology
obsolescence was $1,156,000
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