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At the beginning of the year, Hawk City had assets and accumulated depreciation (calculated using the straight-line depreciation method) related to the governmental funds of
At the beginning of the year, Hawk City had assets and accumulated depreciation (calculated using the straight-line depreciation method) related to the governmental funds of the following: Historical Cost Accumulated Depreciation Asset Buildings Equipment $ 1,000,000 $10,000,000 $ 5,000,000 $4,000,000 $2,500,000 During the year, Hawk City purchased equipment costing $100,000. Equipment costing $200,000 was sold on January 5 for $25,000. The accumulated depreciation related to the asset was $180,000. The transaction is recorded in the General Fund For the year, depreciation expense of $200,000 will be recorded for the building and $490,000 for the equipment. At the end of the year, Hawk City's one internal service fund had a balance of $70,000 in its equipment account and $35,000 in its accumulated depreciation account. On the government-wide statements, what amounts will be reported for land, buildings, equipment, accumulated depreciation-buildings, accumulated depreciation-equipment, and gain or loss on the sale of equipment
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