Carter County entered into a capital lease to finance an Emergency-911 telecommunications system. The capitalized cost of the equipment was $185,000. The county made a required down payment of $25,000. The first debt service payment will not be due until the next fiscal year. The entry to record the inception of this lease in the General Fund would be Expenditures.............................................................. Lease Payable...................................................... Cash..................................................................... $185,000 $160,000 25,000 Expenditures.............................................................. Other Financing Source....................................... Cash..................................................................... $185,000 $160,000 25,000 Capital Asset.............................................................. Lease Payable...................................................... Cash..................................................................... $185,000 $160,000 25,000 Capital Asset.............................................................. Other Financing Source....................................... Cash..................................................................... $185,000 $160,000 25,000
