Problem: The following events take place: 1. Jason Allen died and left 100 acres of undeveloped land to the city for a future park. He acquired the land at $100.00 an acre but at the date of his death the land was appraised at $7900 an acre 2. the city authorized the transfer of $100,000 of general revenues and the insurance of $930,000 in general obligation bonds to construct improvement on the donated land the bonds were sold at par. 3. The improvements were completed at a cost of$1,030,000, and the operation of the park was turned into the city's Parks Department.