The following information is extracted from a City’s government-wide statement of net position at December 31, 2015: Capital assets $4,500,000 Accumulated depreciation, capital assets $2,400,000 Bonds payable -0- The following information is extracted from the city's governmental funds statement of revenues, expenditures, and changes in fund balances for the year ended December 31, 2015. Expenditures - capital outlay (General Fund) $ 60,000 Expenditures - capital outlay (Capital Projects Fund) $900,000 Depreciation on old and new assets during the year was $546,000. Prepare journal entries so the foregoing information can be used in a work sheet to prepare government-wide financial statements for the year ended December 31, 2015.
The following information is extracted from a City’s government-wide statement of net position at December 31, 2015:
Capital assets $4,500,000
Bonds payable -0-
The following information is extracted from the city's governmental funds statement of revenues, expenditures, and changes in fund balances for the year ended December 31, 2015.
Expenditures - capital outlay (General Fund) $ 60,000
Expenditures - capital outlay (Capital Projects Fund) $900,000
Depreciation on old and new assets during the year was $546,000.
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