Sage County is a calendar-year governmental organization that has governmental-type funds and reports both fund financial statements and government-wide financial statements. Below is selected information taken from Sage County's 20X5 financial records: Capital Projects Fund 20X5 proceeds from bonds issued at 95 20X5 expenditures (construction of new fire station, started in 20X5, $2,850,000 to be completed in 20X6) 1,600,000 What amount would be reported as a capital asset in the county's government-wide statement of net position at December 31, 20X5 relative to the construction of the new fire station?