Peking County Incurred the Following Transactions During 2014

question 15

Essay

Peking County incurred the following transactions during 2014:
1.Marketable securities were donated to support the county's bike and nature trails.The donor acquired the securities for $35,000 ten years earlier; however,their current market value was $200,000.The donor specified that all income from the securities be used for the trails.The principal is to be held intact for an indefinite period of time.
2.Computer equipment was ordered for general fund departments.The estimated cost was $48,000.
3.The county received the computer equipment.The actual cost was $47,750,of which $42,000 was paid to the vendor before year-end.
4.The county sold a (general government)dump truck that originally cost $55,000.The county sold the truck at auction for $3,300.The book value of the truck at the time of sale was $0.
5.The government leased equipment for the general government under a capital lease agreement.The present value of the minimum lease payments was $120,000.The county made an initial down payment of $10,000.
Required:
Prepare journal entries for each of the above transactions.Identify the appropriate fund or funds used by Peking County.

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Definitions:

Global Climate Agreement

An international accord aimed at addressing and mitigating the impacts of climate change through collective action.

Global Warming

The long-term rise in Earth's average surface temperature, primarily due to human activities that emit greenhouse gases into the atmosphere.

Private Nuisance

A disturbance or inconvenience to an individual caused by the use of property in a way that unlawfully affects others.

Use and Enjoyment

The right of a property owner or tenant to occupy and use property without interference.