Prepare the journal entry to reflect the annual depreciation

Assignment Help Accounting Basics
Reference no: EM132095364

Question - In 2017, Oneida County constructs 10 miles of a new highway at a cost of $10 million, all of which was raised through the issuance of general obligation bonds. Engineers estimate that the highway will have a 50 year useful life and that the country will have to incur $0.3 million in cost per year to keep it functioning at a specified level of condition.

1. Prepare an appropriate journal entry to record the initial construction cost in a governmental fund (such as a capital projects fund). Indicate the amount that the government would record in its government wide financial statements.

2. Prepare a journal entry to reflect how the country would report the road's first year depreciation in its government wide statements.

3. Prepare the journal entries to record the 0.3 million in road preservation cost in a government fund. Prepare a second entry to reflect the costs in the government wide statements.

4. Prepare the journal entry to reflect the annual depreciation of the road preservation cost in the government wide statements. Is it necessary to record depreciation in the governmental fund?

Reference no: EM132095364

Questions Cloud

How is the global expansion of social media likely to affect : Consider what you have learned about collective behavior, social movements, and social change this week.
Randy pausch last lecture : After viewing the YouTube video "Randy Pausch Last Lecture: Achieving Your Childhood Dreams" (video is found on YouTube) in at least 500 words
Violating the foreign corrupt practices act : Write about recent situations where companies have been accused of violating the Foreign Corrupt Practices Act.
Legal pot becomes a touchy workplace issue : Read "Legal pot becomes a touchy workplace issue, hosted by USA Today.
Prepare the journal entry to reflect the annual depreciation : Prepare the journal entry to reflect the annual depreciation of the road preservation cost in the government wide statements
Security policy template on the california department : Review the security policy template on the California Department of Technology website.
Analyzing the formation of habits using given approaches : Create a 12 slide presentation analyzing the formation of habits using behavioral and social-cognitive approaches. Your presentation should cover the following.
Record the transactions in professional enterprises journal : Professional Enterprises sells on account. When a customer account becomes 4 months old. Record the transactions in Professional Enterprises' Journal
What is the internal rate of return : Ishi company is considering three projects. The projects have the following cash flows. What is the internal rate of return for each project?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd