The following summarizes the history of the Sharp City

Recreation
The following summarizes the history of the Sharp City Recreation Center.1. In 1990, the city
constructed the building at a cost of $1,500,000. Of this amount, $1,000,000 was financed with
bonds and the balance from unrestricted city funds.2. In the 10 years from 1990 through 1999,
the city recorded depreciation (as appropriate) based on an estimated useful life of 30 years.3.
In the same period, the city repaid $750,000 of the bonds.4. In 2001, the city renovated the
building at a cost of $3,000,000. The entire amount was financed with unrestricted city funds.
The renovation was expected to extend the useful life of the building so that it would last a total
of 25 more years-that is, until 2026.5. In the 15 years from 2001 through 2015, the city recorded
depreciation (as appropriate). Depreciation was calculated by dividing the undepreciated
balance of the original cost, plus the costs of renovation, over the anticipated remaining life of
25 years.6. In the same period, the city repaid the $250,000 balance of the debt.7. In 2016, the
city demolished the building so that the land on which it is situated could be converted into
softball fields.Prepare the journal entries to summarize the history of the building as it would be
reported in the city's government-wide statements.View Solution: The following summarizes the
history of the Sharp City Recreation
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