Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 04 Feb 2018 My Price 9.00

Capital Asset Disclosure

Capital Asset Disclosures. Lynn County has prepared the following schedule related to its capital asset activity for the fiscal year 2011. Lynn County has governmental activities only, with no business-type activities.

LYNN COUNTY
Capital Asset Disclosures
For the Year Ended December 31, 2011
 

January 1

Change

December 31

Total capital assets not being
depreciated (land, infrastructure,
and construction work in progress)

$61,721,000

$ 9,158,000

$70,879,000

Total capital assets being
depreciated (buildings, equipment,
and collections)

13,421,000

1,647,000

15,068,000

Less total accumulated
depreciation

(3,464,000)

(558,000)

(4,022,000)

Capital assets, net

$71,678,000

$10,247,000

$81,925,000

Required

a. Does the above capital asset footnote disclosure comply with the GASB requirements? Explain.

b. Does the county use the modified approach to account for infrastructure assets? Explain.

c. What percentage of the useful life of the depreciable assets remains?

Answers

Maurice Tutor
(5)
Status NEW Posted 04 Feb 2018 08:02 PM My Price 9.00

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