information in the CAFR of the Town of Lynnwood reported general capital assets in the following amounts as of April 30, 2007 Accumulated Cost $1,326,780 3,027,790 7,282,680 1,439 200 922,600 837,500 improvements other than buildings 1,733,820 Construction work in progress Infrastructure assets 401,130 3.500,000 1000,000 During the fiscal year (FY) 2008, the following changes in general capital assets took place: 1. A project started during FY 2008 was being financed by a tax-supported bond issue of $3,000,000 sold at par during the year and a federal grant of $1,000,000. By the end of FY 2008, $80,000 of the federal grant had been re ceived and expended for planning and engineering for a project in progress Bond proceeds expended during the year totaled S$900,000 (S300,000 for land and S600,000 for the building under construction). 2. Records of capital projects funds reported that construction work in progress at the end of FY 2007 was completed during FY 2008 at a total cost of S799,066, which included an additional cost of $397,936 in the current period. All of the construction resulted in additions to the Improvements Other tharn Buildings account. 3. Special revenue fund expenditures during the year added equipment costing 4. General Fund expenditures. during the year for equipment amounted to 5. Annexation added buildings for which the estimated cost was $301,600 and 6. Land having an appraised value of $750,000 was donated to the city, and ad- $152,700. $438,000 land for which the estimated cost was $75,000. ditional land with an appraised value of $15,000 was received in settlement of delinquent General Fund property taxes. 7. Land acquired at an estimated cost of S12,000 on which an $80,000 building was located was sold to the State Highway Department for a right-of-way at a price of S119,700. 8. Construction activities during FY 2008 required demolition of a building that had cost $33,600 and a bridge (infrastructure) for which the estimated cost was S119,200. Equipment that had cost $20,000 could not be located and was pre- sumed to have been stolen. 9. No additions of infrastructure assets occurred this year 10. Depreciation expense for the year was as follows: buildings $440,000; im provements, $320,000; equipment $210,000; and infrastructure assets, $105,000. Accumulated depreciation related to retired assets was buildings, $51,000; improvements, S102,000; and equipment, $5,000 Required Prepare in good form a schedule of capital asset disclosures for governmental activities similar to Illustration 5-2 for the fiscal year ended April 30, 2008. Ignore the related schedule showing how current depreciation expense is charged to gov- ernmental functi