Update the Capital Assets footnote (footnote number 8 see below) for the University for FY 2016 using the following assumptions.

(1) The medical school was completed on Sept. 1, 2016 at a completion cost $50,000,000.

(2) There is an additional $2,500,000 in new construction in progress.

(3) The FY 2016 depreciation expense is equal to the FY 2015 depreciation expense.

(4) Equipment with a cost of $1,500,000 was retired. The accumulated depreciation amount is equivalent to the cost.

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