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A city government adds streetlights within its boundaries at a total cost of $182,000. These lights should burn for at least 7 years but
A city government adds streetlights within its boundaries at a total cost of $182,000. These lights should burn for at least 7 years but can last significantly longer if maintained properly. The city develops a system to monitor these lights with the goal that 97 percent will be working at any one time. During the year, the city spends $56,300 to clean and repair the lights so that they are working according to the specified conditions. The city also spends another $97,400 to construct lights for several new streets. a. Prepare the entries assuming infrastructure assets are capitalized with depreciation recorded on government-wide financial statements. b. Prepare the entries assuming infrastructure assets are capitalized with government using the modified approach on government- wide financial statements. Complete this question by entering your answers in the tabs below. Required A Required B Prepare the entries assuming infrastructure assets are capitalized with depreciation recorded on government-wide financial statements. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 Record street lights added. Note: Enter debits before credits.
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