On January 1, 2010, a city entered into the following leases for equipment items. Each of the
Question:
a. Prepare journal entries for the year 2010 for both of these leases for government-wide financial statements.
b. Prepare journal entries for the year 2010 for both of these leases for fund-based financialstatements.
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Fund General (10-year life) Enterprise (4-year life) Annual Payments $3,000 9,000 Total Payments $30,000 36,000 Present Value of Total Payments $19,000 30,600 all
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a GOVERNMENTWIDE FINANCIAL STATEMENTS the two leases are combined here January 1 2010 Asset...View the full answer
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Related Book For
Advanced Accounting
ISBN: 978-0077431808
10th edition
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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