Following are capital asset transactions for Glacier County for the current year:
a. Office equipment was purchased by a special revenue fund for $20,000.
b. Office equipment was purchased by the water department (an enterprise fund) for $40,000.
c. A building to house the youth center is being constructed; the project is accounted for using a capital projects fund. To date, invoices for $675,000 have been submitted by contractors, and $670,000 of these invoices were paid.
d. Surplus equipment, which had originally cost $250,000, was sold for $15,000. The equipment had an estimated life of 10 years, straight-line, and was sold after five years. The equipment is reported in a capital projects fund.
e. The central motor pool, an internal service fund, purchased new equipment at a cost of $1,000,000 halfway through the year. The equipment has an estimated life of four years, straight-line.
f. The central motor pool, an internal service fund, sold equipment originally costing $2,000,000, with an estimated life of five years, straight-line, for $300,000 when the equipment was four years old.
Required
Make the entry or entries, if any, to record each of the above transactions and information in the appropriate fund for Glacier County. Specify the fund in which each entry is recorded.

Question

Quizplus · Accepted Answer

The Answer of Following are capital asset transactions for Glacier County for the current year:
a. Office equipment was purchased by a special revenue fund for $20,000.
b. Office equipment was purchased by the water department (an enterprise fund) for $40,000.
c. A building to house the youth center is being constructed; the project is accounted for using a capital projects fund. To date, invoices for $675,000 have been submitted by contractors, and $670,000 of these invoices were paid.
d. Surplus equipment, which had originally cost $250,000, was sold for $15,000. The equipment had an estimated life of 10 years, straight-line, and was sold after five years. The equipment is reported in a capital projects fund.
e. The central motor pool, an internal service fund, purchased new equipment at a cost of $1,000,000 halfway through the year. The equipment has an estimated life of four years, straight-line.
f. The central motor pool, an internal service fund, sold equipment originally costing $2,000,000, with an estimated life of five years, straight-line, for $300,000 when the equipment was four years old.
Required
Make the entry or entries, if any, to record each of the above transactions and information in the appropriate fund for Glacier County. Specify the fund in which each entry is recorded.

Following Are Capital Asset Transactions for Glacier County for the Current