1 Record the following 20X9 transactions in the Percy

County
1. Record the following 20X9 transactions in the Percy County General Fund General Ledger.
Assume:a. The county entered into a capital lease for police safety equipment. The capitalizable
cost of the equipment was $2,500,000, and the county made a $500,000 down payment at the
inception of the lease. The effective interest rate implicit in the lease was 5%, compounded
semiannually.b. The county paid its first semiannual lease payment of $180,000.c. The second
semiannual lease payment of $180,000, due the last day of the county’s fiscal year, was paid.d.
The county purchased patrol cars costing $128,000. The county paid $40,000 down and signed
a 5% note requiring semiannual payments of $30,812.e. The county paid the first semiannual
payment on the note, $30,812.f. The second semiannual note payment of $30,812, due the last
day of the county’s fiscal year, was paid.2. What amount of capital outlay expenditures should
be reported for the county General Fund for 20X9?3. What amount of debt service expenditures
should be reported for the General Fund for 20X9?4. If the second semiannual payments on the
lease and on the note are due two months after year end, what amount of capital outlay
expenditures should the county report for 20X9? What amount of debt service expenditures
should be reported for 20X9?View Solution: 1 Record the following 20X9 transactions in the
Percy County
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