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Question 4:

4. The city of Grace reported $12,000,000 of general capital assets and accumulated depreciation on these assets of $4,000,000 on its December 31, 2019 government-wide statement of net position. The city reported capital outlay expenditures of $1.200.000 in its governmental funds during its fiscal year ending December 31,2020. Also, depreciation associated with general capital assets for the fiscal year ending December 31, 2020 was $800.000 Prepare the three journal entries needed for the December 31, 2020 worksheet that converts the govemmental fund capital asset information to information needed for the government-wide financial statements
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