1. What entry, if any, would a city make in its government-wide financial statements to record depreciation on its $100 million of roads, which it estimates will last 50 years, if it uses the modified approach? (3 points)
2. Same as the previous question, but now assume the city does not use the modified approach (3 points)
3. What entry would a city make in its government-wide financial statements if it acquired a $2 million sculpture for cash, if it capitalized these assets? (3 points)
4. Same as the preceding question, but assume the government does not record sculptures as assets (3 points)