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Question 3:

3.The following Information is extracted from the City of Lucas government-wide statement of net position at December 31, 2019 Capital assets Accumulated depreciation, capital assets Annual depreciation rate on capital assets Bonds payable $2,000,000 $1,600,000 10% The following information is extracted from the citys governmental funds statement of revenues, expenditures, and changes in fund balances for the year ended December 31, 2020 Expenditures-capital outlay (General Fund) Expenditures-capital outlay (Capital Projects Fund) Expenditures-bond principal (Debt Service Fund) Expenditures-bond interest (Debt Service Fund) Proceeds from bond issue (Capital Projects Fund) 40,000 $600,000 $60,000 $15,000 600,000 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 s 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 govemment-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 Depreciation expense Interest expense Capital assets Accumulated depreciation, capital assets Interest payable Bonds payable Net investment in capital assets .
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