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QUESTION 4 On January 2, Basketville City purchased equipment with a useful life of three years to be used by its capital project fund. Which

QUESTION 4

On January 2, Basketville City purchased equipment with a useful life of three years to be used by its capital project fund. Which of the following is the correct treatment for the asset?

  1. Capitalize; depreciation is optional
  2. Capitalize; depreciation is required
  3. Capitalize; depreciation is not permitted.
  4. Record the purchase of the equipment as an expenditure

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