Journal entries, schedule of capital assets. The following schedule of capital assets was obtained from the records of the city of Elmcreek: A summary of fixed asset transactions for 2019 follows: a....

Journal entries, schedule of capital assets. The following schedule of capital assets was obtained from the records of the city of Elmcreek:

A summary of fixed asset transactions for 2019 follows:

a. Construction on the new school, a capital project started during 2018, was completed at a total cost of $850,000, which was financed by a serial bond issue. No other construction was in progress at the beginning of 2019.

b. A citizen donated 400 acres of land to the city to be used as a park. The land had a fair value of $140,000 when donated.