The city of Grace reported $12,000,000 of general capital assets and accumulated depreciation on these assets of
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The city of Grace reported $12,000,000 of general capital assets and accumulated depreciation on these assets of $4,000,000 on its December 31, 2019 government-wide statement of net position.
The city reported capital outlay expenditures of $1,200,000 in its governmental funds during its fiscal year ending December 31, 2020. Also, depreciation associated with general capital assets for the fiscal year ending December 31, 2020 was $800,000.
Prepare the three journal entries needed for the December 31, 2020 worksheet that converts the governmental fund capital asset information to information needed for the government-wide financial statements.
Related Book For
Principles of Accounting
ISBN: 978-1133626985
12th edition
Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson
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