The town of Silverton adopted the provisions of GASB 34, Basic Financial Statements—and Management’s…


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The town of Silverton adopted the provisions of GASB 34, Basic Financial Statements—and Management’s… 1 answer below » Items 1 and 2 are based on the following: The town of Silverton adopted the provisions of GASB 34, Basic Financial Statements—and Management’s Discussion and Analysis—for State and Local Governments, for its financial statements issued for 2006. As of December 31, 2006, Silverton compiled the information below for its capital assets, exclusive of infrastructure assets. View complete question » Cost of capital assets financed with general obligation debt and tax revenues $5,000,000 Accumulated depreciation on the capital assets 1,000,000 Outstanding debt related to the capital assets 2,0 Items 1 and 2 are based on the following: The town of Silverton adopted the provisions of GASB 34, Basic Financial Statements—and Management’s Discussion and Analysis—for State and Local Governments, for its financial statements issued for 2006. As of December 31, 2006, Silverton compiled the information below for its capital assets, exclusive of infrastructure assets. Cost of capital assets financed with general obligation debt and tax revenues $5,000,000 Accumulated depreciation on the capital assets 1,000,000 Outstanding debt related to the capital assets 2,000,000 On the government-wide statement of net assets at December 31, 2006, under the governmental activities column, what amount should be reported for capital assets? $5,000,000 $4,000,000 $3,000,000 $2,000,000 On the government-wide statement of net assets at December 31, 2006, under the governmental activities column, the information related to capital assets should be reported in the net assets section at which of the following amounts? $5,000,000 $4,000,000 $3,000,000 $2,000,000 View less » Jul 08 2014 12:34 PM

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