Question 5 Geelong City Council spent $5 million on a gym and healthy facility for its staff. The objective of this new facility expenditure was to encourage staff adopt a healthy lifestyle. The use of facility will be free of cost. It is expected that although there will be no revenue generated from this new facility but operating costs are expected to be $650,000 per annum. Discuss if Geelong City Council should record the cost of new facility as an asset, or treat it all as an expense