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Make journal entries so the foregoing information

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Question - The following information is from a city's government-wide statement of net position at December 31, 2021:

Capital assets $4,500,000

Accumulated depreciation, capital assets $2,400,000

Bonds payable -0-

The following information is from the city's governmental funds statement of revenues, expenditures, and changes in fund balances for the year ended December 31, 2021:

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.

Required - Make 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.

Reference no: EM133168409

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