The Following Information Is Extracted from the City of Lucas

The following information is extracted from the City of Lucas' government-wide statement of net position at December 31, 2019:
$\begin{array}{lr}\text { Capital assets } & \$ 2,000,000 \\\text { Accumulated depreciation, capital assets } & \$ 1,600,000 \\\text { Annual depreciation rate on capital assets } & 10 \% \\\text { Bonds payable } & -0-\end{array}$

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, 2020.
$\begin{array} { l r } \text { Expenditures-capital outlay (General Fund) } & \$ 40,000 \\ \text { Expenditures-capital outlay (Capital Projects Fund) } & \$ 600,000 \\ \text { Expenditures-bond principal (Debt Service Fund) } & \$ 60,000 \\ \text { Expenditures-bond interest (Debt Service Fund) } & \$ 15,000 \\ \text { Proceeds from bond issue (Capital Projects Fund) } & \$ 600,000 \end{array}$ According to the notes to the financial statements, the city sold $600,000 of 5-year serial bonds on April 1, 2020, to finance the acquisition of capital assets. Principal is payable every six months, starting October 1, 2020. Interest of 5 percent per annum on the unpaid principal is also payable every six months, starting October 1, 2020. Assume all assets acquired in 2020 were acquired July 1 and all have a 10-year life.
Required:
a. Prepare journal entries so the foregoing information can be used in a worksheet to prepare government-wide financial statements for the year ended December 31, 2020.
b. Compute the amounts for the following statement elements as they will appear in the government-wide financial statements for the year ended December 31, 2020:
1) Depreciation expense
2) Interest expense
3) Capital assets
4) Accumulated depreciation, capital assets
5) Interest payable
6) Bonds payable
7) Net investment in capital assets