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What revenue to be recognized in internal service fund

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Reference no: EM132788412

The following relate to the town of Coupland (dollar amounts in thousands):

  • Equipment used in a vehicle repair service that provides service to other departments on a cost-reimbursement basis; the equipment has a 5-year life with no salvage value $1,400
  • Property taxes levied and collected $6,300
  • Hotel taxes (restricted to promotion of tourism) collected $1,200
  • Proceeds of bonds to build a parking garage that must be repaid from user charges $4,000

Problem 1: Revenue to be recognized in internal service fund?

Option 1: 0
Option 2: $1,400
Option 3: $140
Option 4: None of above

Reference no: EM132788412

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