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On January 1, 2013, the City of Verga leased a large truck for five years and made the initial annual payment of $19,500 immediately. The present value of these five payments based on an 5 percent interest rate is assumed to be $84,400. The truck has an expected useful life of five years. a. Assuming that the city’s fire department will use the truck, what journal entries should be made for 2013 and 2014 on the government-wide financial statements? (Round your answers to the nearest dollar amount.) Date General Journal Debit Credit Jan. 1, 2013 Dec. 31, 2013 Dec. 31, 2014 b. Assuming that city’s fire department will use the truck, what journal entries should be made for 2013 and 2014 on the fund financial statements? (Round your answers to the nearest dollar amount.) Date General Journal Debit Credit Jan. 1, 2013 Dec. 31, 2013 Dec. 31, 2014 c. Assuming that the airport (an enterprise fund) operated by the city will use the truck, what journal entries should be made for 2013 and 2014 on the fund financial statements? (Round your answers to the nearest dollar amount.) Date General Journal Debit Credit Jan. 1, 2013 Dec. 31, 2013 Dec. 31, 2014

On January 1, 2013, the City of Verga leased a large truck for five years and made the initial annual payment of $19,500 immediately. The present value of these five payments based on an 5 percent interest rate is assumed to be $84,400. The truck has an expected useful life of five years.

a.
Assuming that the city’s fire department will use the truck, what journal entries should be made for 2013 and 2014 on the government-wide financial statements? (Round your answers to the nearest dollar amount.)

Date General Journal Debit Credit
Jan. 1, 2013

Dec. 31, 2013

Dec. 31, 2014

b.
Assuming that city’s fire department will use the truck, what journal entries should be made for 2013 and 2014 on the fund financial statements? (Round your answers to the nearest dollar amount.)

Date General Journal Debit Credit
Jan. 1, 2013

Dec. 31, 2013

Dec. 31, 2014

c.
Assuming that the airport (an enterprise fund) operated by the city will use the truck, what journal entries should be made for 2013 and 2014 on the fund financial statements? (Round your answers to the nearest dollar amount.)

Date General Journal Debit Credit
Jan. 1, 2013

Dec. 31, 2013

Dec. 31, 2014

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