Problems 92 1 5. On June 28, 2008, the State Revenue Department informed the town that its share of a state-collected, locally shared tax would be $34,000. 6. During the year, equipment with a book value of $7,900 was removed from service and sold for $4,600. In addition, new equipment costing $90,000 was purchased. The transac- tions were recorded in General Property. 7. During the year, 100 acres of land were donated to the town for use as an industrial park. The land had a value of $400,000. This donation has not been recorded. Required: A. Prepare the formal reclassication, adjusting, and closing journal entries for the General Fund as of June 30, 2008. B. Prepare the formal adjusting journal entries for any other fund as ofjune 30, 2008. (AICPA adapted)