For each of the following transactions, note the fund(s) affected, and prepare appropriate journal entries.
1. General obligation bonds with a par value of $750,000 are issued at $769,000 to finance construction of a government office building.
2. A Community Block Development Grant in the amount of $450,000 is awarded for residential services within a city.
3. Upon approval of a new town band shell, the general fund transfers $500,000 to create a new fund.
4. A wealthy citizen donates $10,000,000 for city park maintenance. The principal cannot be spent.
5. Automobiles and vans for general governmental use are purchased for $375,000.
6. General fixed assets with an original cost of $300,000 sold for $30,000 at the end of their useful life.
7. Sold equipment at the end of its expected useful life. The equipment had no expected residual value when acquired (at a cost of $13,000), but it sold for $1,200. Equipment is used in general fund.
8. The general fund transfers $50,000 for an interest payment on debt. The interest payment is made.
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