E5-18 Capital Asset Disclosures [LO 5-1] Carmel County has prepared the following schedule related to its capital asset activity for the fiscal year 2017. Carmel County has governmental activities only, with no business-type activities. CARMEL COUNTY Capital Asset Disclosures For the Year Ended December 31, 2017 January 1 Change December 31 Total capital assets not being depreciated (land, infrastructure machinery under $61,721,000 $ 9,158,000 $70,879,000 Total capital assets being depreciated (buildings, equipment, and collections) 13,421,000 1,647,000 15,068,000 capital lease, and construction work in progress) Less total accumulated depreciation Capital assets, net (3,464,000)(558,000) (4,022,000) $71,678,000 $10,247,000 $81,925,000 Required a. Does the above capital asset footnote disclosure comply with the GASB requirements? Explain b. Does the county use the modified approach to account for infrastructure assets? Explain