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City of Richmond owns a tract of land that was donated 5 years ago. The land had an acquisition value of $125,000 when it was
City of Richmond owns a tract of land that was donated 5 years ago. The land had an acquisition value of $125,000 when it was received, however, the current market value of the land is $175,000. In addition, the city recently purchased 10 new police cars at a combined cost of $250,000, estimated useful life of 5 years. City also constructed a warehouse at a cost of $90,000, estimated useful life of 10 years. All of the assets are for General Fund Departments. What is the amount of depreciation expense that would be recorded in the General Fund this year? At what value should the land be capitalized in the GF
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