This is all of the information that was provided Please answer accordingly A city government adds street lights within its boundaries at a total cost of $502,500 The lights should burn for at least 15 years but can last significantly longer if maintained properly The city sets up a system to monitor these lights with the goal that 97 percent will be working at any one time During the year, the city spends $51,300 to clean and repair the lights so that they are working according to the specified conditions However, it spends another $86,000 to construct lights for several new streets in the city a Prepare the entries assuming infrastructure assets are capitalized with depreciation recorded (If no entry is required for a transaction event, select No journal entry required in the first account field ) Government Wide Financial Statements a Record street lights added b Record depreciation expense c Record cost of cleaning and repairing street lights b Prepare the entries assuming infrastructure assets capitalized with government using the modified approach (If no entry is required for a transaction event, select No journal entry required in the first account field ) a Record street lights added b Record cost of cleaning and repairing street lights c Record additional amount spent to add more street lights

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 20, 2024

This is all of the information that was provided. Please answer accordingly. A city government adds street lights within its boundaries at a total cost

This is all of the information that was provided. Please answer accordingly.

A city government adds street lights within its boundaries at a total cost of $502,500. The lights should burn for at least 15 years but can last significantly longer if maintained properly. The city sets up a system to monitor these lights with the goal that 97 percent will be working at any one time. During the year, the city spends $51,300 to clean and repair the lights so that they are working according to the specified conditions. However, it spends another $86,000 to construct lights for several new streets in the city.

a.	Prepare the entries assuming infrastructure assets are capitalized with depreciation recorded. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Government-Wide Financial Statements

a. Record street lights added

b. Record depreciation expense

c. Record cost of cleaning and repairing street lights

Prepare the entries assuming infrastructure assets capitalized with government using the modified approach. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

a. Record street lights added

b. Record cost of cleaning and repairing street lights

c. Record additional amount spent to add more street lights.