Following are four independent transactions or events that relate to a local government and a voluntary health and welfare organization:

1. Made a disbursement of $25,000 from the general fund unrestricted assets for the cash purchase of new equipment.

2. Received an unrestricted cash gift of $100,000 from a donor.

3. Sold investments in common stocks with a total carrying value of $50,000 of a permanently restricted endowment fund for $55,000 before any dividends were earned on them. The donorrestricted is gain to remain in the permanently restricted fund.

4. Sold general obligation bonds payable with a face amount of $1,000,000 at par with the proceeds required to be used for construction of a new building. This building was completed at a total cost of $1,000,000, and the total amount of bond issue proceeds was disbursed toward this cost. Disregard interest capitalization.

Required

a. For each of these transactions or events, prepare journal entries without explanations, specifying the affected funds and showing how these transactions or events should be recorded by a local government whose debt is serviced by general tax revenue.

b. For each of these transactions or events, prepare journal entries without explanations, specifying the affected funds and showing how a VHWO should record these transactions or events.