The city of Wesley adopted the modified approach for reporting its roads and bridges. The city met the GAAP requirements for having an asset management system, making periodic assessments, and estimating the annual amount needed to maintain the roads and bridges. The following information is available: 1. At December 31, 2021, the city's infrastructure assets had an acquisition value of

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Core Concepts of Government and Not For Profit Accounting

2nd edition

Authors: Michael H. Granof, Penelope S. Wardlow

ISBN: 978-0471737926