Business, 20.12.2019 00:31, iuthvK5866

Acity government adds street lights within its boundaries at a total cost of $300,000. the lights should burn for at least 10 years but can last significantly longer if maintained properly. the city sets up a system to monitor these lights with the goal that 97 percent will be working at any one time. during the year, the city spends $48,000 to clean and repair the lights so that they are working according to the specified conditions. however, it spends another $78,000 to construct lights for several new streets in the city.

a.
prepare the entries assuming infrastructure assets are capitalized with depreciation recorded. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)

government-wide financial statements

b.
prepare the entries assuming infrastructure assets capitalized with government using the modified approach. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)

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Acity government adds street lights within its boundaries at a total cost of $300,000. the lights sh...