The following transactions were made by Cape City:
August 1, 20X9
A wealthy business person donates a downtown office building to Cape City. Its fair market value is $2,500,000. The city intends to sell the building.
August 15, 20X9
The city purchases a warehouse to be used for storage and pays $1,500,000 from the General Fund.
September 1, 20X9
The donated office building is sold for $2,600,000.
Required:
Make the journal entries necessary to record the transactions in the General Fund and in the General Fixed Assets Account Group.

Question

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The Answer of The following transactions were made by Cape City:
August 1, 20X9
A wealthy business person donates a downtown office building to Cape City. Its fair market value is $2,500,000. The city intends to sell the building.
August 15, 20X9
The city purchases a warehouse to be used for storage and pays $1,500,000 from the General Fund.
September 1, 20X9
The donated office building is sold for $2,600,000.
Required:
Make the journal entries necessary to record the transactions in the General Fund and in the General Fixed Assets Account Group.

The Following Transactions Were Made by Cape City