Reference no: EM13968308
1. Assume in problem (12) that the city reports the work as a capital asset. Which of the following is true?
a. Depreciation is not recorded because the city has no cost.
b. Depreciation is not required if the asset is viewed as being inexhaustible.
c. Depreciation must be recognized because the asset is capitalized.
d. Because the property was received as a gift, recognition of depreciation is optional.
I need reasoning on why the answer is what it is for this number 14.
This is Problem 12 It is refering to:
2. The City of Wilson receives a large sculpture valued at $240,000 as a gift to be placed in front of the municipal building. Which of the following is true for reporting the gift within the government-wide financial statements?
a. A capital asset of $240,000 must be reported.
b. No capital asset will be reported.
c. If conditions are met, recording the sculpture as a capital asset is optional.
d. The sculpture will be recorded but only for the amount paid by the city.
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Depreciation is not recorded because the city has no cost.
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