How would you design the Robinson County’s government-wide statements of net pos

Q: How would you design the Robinson County’s government-wide statements of net pos

Voters approved to spend $32 million on the new project: $30,000,000 from ... Robinson Countydetermined 34.375% of the total funding is required to build the library; therefore, the remainder could be used on the public health clinic. ... vary in size, but usually have similar key components including capital asset acquisition

ID: 2333370 • Letter: H

Question

How would you design the Robinson County’s government-wide statements of net position and activities to show the capital expenditures for the public health clinic facility and library? Capital project funds vary in size, but usually have similar key components including capital asset acquisition, maintenance, depreciation, impairment, and disposition. Robinson County prepares their year budget before the end of 20X7. Robinson County considers several other major capital projects, for example, a new fire station and a recreational facility. To get these items added to the capital projects fund, the County must prepare estimates for these transactions in the upcoming year. Prepare the journal entries for each of the following estimated transactions to submit for approval to the City Manager. Robert Lee sent the City Manager a letter stating his intention to donate land with a fair value of $2,000,000 for the development of a new fire station and recreational facility. Robinson County could sell their outdated treadmills to get $5,010 towards new treadmills in the new recreational facility. The historical cost of the equipment was $32,400 and it is fully depreciated. The City Manager discovered the new equipment was not compatible with the old technology, which allowed the treadmills to connect to kindle, Netflix, and YouTube during workouts. Once the treadmills were sold, this would result in an impairment loss of $52,000.

Explanation / Answer

Voters approved to spend $32 million on the new project: $30,000,000 from ... Robinson Countydetermined 34.375% of the total funding is required to build the library; therefore, the remainder could be used on the public health clinic. ... vary in size, but usually have similar key components including capital asset acquisition

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How would you design the Robinson County’s government-wide statements of net pos

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