The City of Baconsville Engaged in the Following Transactions

question 32

Essay

The City of Baconsville engaged in the following transactions. Assume that the city maintains its books and records in a manner that facilitates the preparation of the government-wide financial statements.
Required: Prepare the appropriate journal entries. If appropriate, write "No entry required."
a) The city purchased for cash three dump trucks for $80,000 each.
b) The city sold for $4,000, a police car that had been purchased four years ago at a cost of $30,000. At the time of acquisition, the city estimated that the police car had a useful life of five years and a salvage value of $5,000.
c) During the year, the city spent $12 million to build a third lane on both sides of the major north-south highway through town.
d) The city traded in a pickup truck used in general government operations for a new pickup truck, paying a difference of $18,000. The old pickup truck was purchased four years ago at a cost of $21,000. At the time it had an estimated useful life of five years, and an estimated salvage value of $6,000. At the time of the trade, the old truck had a fair value of $10,000. The new truck has a sticker price of $29,000.
e) During the year the city began construction of a new city hall. By year-end, the city had made progress payments to the contractor of $3 million.
f) The city received a gift of land from a citizen. The land is to be used to build a city park. The land had been in the donor's family since it was homesteaded. It has a fair value when contributed of $2 million.

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Definitions:

Trait Approach

A perspective in psychology that examines personality traits and how they influence human behavior and leadership.

Great Person Approach

A theory of leadership that assumes great leaders are born with innate qualities and not made.

Leaders' Traits

Innate characteristics and qualities that contribute to an individual's effectiveness in leadership roles, such as decisiveness, intelligence, and charisma.

Integrity

The quality of being honest and having strong moral principles, which is considered essential for leaders to gain the trust and respect of their followers.