pkrazywa city has borrowed $100,000 from Howard Bank to be paid back over the long term. The proceeds were then

pkrazywa city has borrowed $100,000 from Howard Bank to be paid back over the long term. The proceeds were then

used from the general fund to purchase snow removal equipment( a capital asset). Indicate these journal entries for Fund financial statement and Government-wide financial statememnt. What is the income statement effect associated with the transactions in each set of books? what implications do the differences in accounting treatment have for users of the financial statements?