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  3. 24. the city of grace reported $12,000,000 of gene

24. The city of Grace reported $12,000,000 of general capital assets and accumulated depreciation on...

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Accounting

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24. 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, 2022 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, 2023. Also, depreciation associated with general capital assets for the fiscal year ending December 31, 2023 was $800,000. Prepare the three journal entries needed for the December 31, 2023 worksheet that converts the governmental fund capital asset information to information needed for the government-wide financial statements. (14 points) Journal Entry Debit Credit

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