General capital assets are accounted for different... General capital assets are accounted for differently in fund governmental-wide financial statements. A city engaged in the following transactions during a year. a. it acquired computer equipment at a cost of $40,000. b. it completed construction of a new jail, incurring $245,000 in new costs. in the previous year, th city had incurred $2.5 millin construction costs. the project was accounted for in a capital project fund. c. it sold for $16,000 land that it had acquired three years earlier for $28,000. 1. prepare journal entries to reflet the transactions in an appropriate governmental fund (e.g., a gneral fund, or a capital projects fund). 2. prepare journal entries to reflect the transactions in the city's government-wide statements