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E5-18 General Capital Assets [LO 5-2,5.4] Prepare journal entries for each of the following transactions entered into by the3. A car was leased for the mayors use. The first payment was $1,000 and the present value of the remaining lease payments w4. During the current year, a capital projects fund completed a new public safety building that was started in the prior year

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Answer #1

3b. Since car has been purchased for the mayor for $30,000, so the assets purchased will be debited. That is Debit Car or Motor Vehicle.

Motor Vehicle (Car)    $30,000

Cash $1,000

lease obligation payable $29,000

5. Since it is mentioned in point 5 that "The city records a half year of straight-line depreciation on capital assets placed in service during the year. So Depreciation will be half of 324,000 (9,720,000/30) i.e, $162,000.

Depreciation Expenses-Buildings $162,000

Accumulated Depreciation-Buildings   $162,000

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