Each transaction relates to the activities of Lancaster County. 1. General obligation bonds, due in 20 years, are issued

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Each transaction relates to the activities of Lancaster
County.
1. General obligation bonds, due in 20 years, are issued for
$10,000,000 in cash. The bonds are used to finance the building of
a new community center. The total cost of the community center is
$12,000,000.
2. Principal of $500,000 and interest of $25,000 are paid on
general obligation debt. This debt was not used to finance capital
assets.
3. Snow removal equipment is purchased by the general fund at a
cost of $150,000.
4. Equipment with original cost of $300,000 is sold for $40,000.
The equipment had a 5-year life when purchased, and was sold after
4 years. The county uses straight-line depreciation when
appropriate. The equipment was used in general government
operations.
5. The county collects $225,000 in property taxes to be remitted
to the town.
6. Investments are made using $550,000 withheld from paychecks
of county workers to finance their pension plan.
7. The investments in transaction 6 increase in value by $11,000
during the year, although the investments are not
liquidated.
8. Cash of $200,000 is received from a citizen, to be held in
trust and used for scholarships for local citizens to attend local
universities. All amounts received are spendable.
Required
For each transaction:
Instructions: