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Olive city reported capital assets of $1250000 and accumulated depreciation of $630000 in the governmental activities column of its government-wide

Olive city reported capital assets of $1250000 and accumulated depreciation of $630000 in the governmental activities column of its government-wide statement of net assets for the year ended December 31,2008. The total governmental funds column in Oliver's calendar year 2009 statement of revenues, expenditures, and changes in fund balances showed that Oliver's capital outlay expenditures were $120000. Oliver city's director of finance estimated that total depreciation for 2009 was $85,000. Based on this information, prepare adjusting entries needed to develop Olover's 2009 goverm=nemtn-wide financial statements.

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