Benton County voted to establish an internal service fund to account for printing and copying for all its departments and agencies. The County engaged in the following activities related to the new fund. REQUIRED: Prepare transactions to record these events in internal service fund. If no entry is required, write "No entry required".
a) The Country Commission voted to transfer $200,000 from the General Fund to the internal service fund to establish the new fund.
b) The fund entered into a capital lease for equipment used in printing activities. The total present value of the lease obligation is $600,000.
c) Issued $1 million in general obligation bonds at 101. The bonds were issued to acquire additional equipment. The bonds are to be serviced from the internal service fund.
d) Purchased equipment at a cost of $980,000. The equipment has an estimated useful life of nine years and an estimated salvage value of $80,000.
e) Billed the General Fund for copying and printing charges, $70,000.
f) Paid salaries to printing employees, $50,000.