Powell City purchased a piece of equipment to be used by a department financed by the general fund. How should Powell report the acquisition in the general fund? a) Capitalize, depreciation is required. b) As an expenditure. c) Capitalize, depreciation is optional d) Capitalize, depreciation is not permittb) In governmental funds (e.g., the general fund), the full cost of a capital asset (e.g., equipment) is debited as an expenditure when acquired in accordance with the current financial resources measurement focus.ed