General capital assets, July 1, 2017 $33,276,151 Additions/transfers-in 459,430 Deletions/transfers-out (265,795) General capital assets, June 30, $33,469,786 2018 The complete schedule disaggregates the data by function (e.g., general government, public safety, public works, health and welfare, culture, and recreation) and subfunction (e.g., park maintenance, recreation, tourism). Another schedule, "Schedule of General Capital Assets by Source," shows the beginning and ending balances of the specific types of assets: 2018 2017 Land $ 8,209,380 $ 8,209,380 Buildings 9,293,847 9,292,611 Improvements other than buildings 1,088,307 1,088,307 Office furniture and equipment 4,863,535 4,536,506 Mobile equipment 7,834,277 8,073,945 Other equipment 2,180,440 2,075,402 Total $33,469,786 $33,276,151 1. Assume that the assets, excluding land, had an average useful life of 20 years. What percentage of the total assets, excluding land, would you expect to have been retired each year? 2. What percentage of the assets (beginning of year values), excluding land, were actually retired during 2018 (assuming that all deletions/transfers out represent retirements)? 3. What was the average useful life of the assets as implied by this percentage? 4. Assume that the entire $265,795 of the deletions and transfers-out applied to the mobile equipment. What would have been the useful life of the equipment as suggested by the percentage of the equipment retired? 5. Do you think it is likely that the city was conscientious about removing assets from its general capital assets account as they were taken out of service? 6. Is it true that under the provisions of Statement No. 34 a government's failure to remove from its accounting records assets that it has taken out of service after they exceeded their useful lives have relatively little significance on its government-wide statements? Explain