Question

The government purchased or constructed the following assets:
1. A monument to honor the sailors who served in the U.S. Coast Guard
2. Land to be incorporated into a national forest
3. Oil to be held in reserve to cover temporary shortages
4. An office building for the Government Accountability Office
5. Oil to be used in a government-owned utility that generates and sells electric power
6. Operating room equipment for a Veterans Administration hospital
7. A navy fighter plane
8. A historical building that is being used-and will continue to be used-to house federal offices. For each, indicate whether it should be:
a. Capitalized and depreciated (or amortized) over its useful life
b. Capitalized but not depreciated (or amortized)
c. Expensed as acquired and described in notes
d. Reported either at historical cost (based on either the FIFO or the weighted average methods) or at latest acquisition cost
e. Reported only at historical cost



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  • CreatedAugust 13, 2014
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