A City owned a tract of land had an acquisition value of $400,000 when it...
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Accounting
A City owned a tract of land had an acquisition value of $400,000 when it was received; however, the current market value of the tract is $500,000. in addition, the city recently purchased 10 new police cars at a combined cost of $500,000. Their estimated useful life is 5 years. Finally, the city constructed a warehouse at a cost of $250,000. The warehouse has an anticipated useful life of 15 years. Assume that land and the vehicles are used for the General Fund departments, but the warehouse was actually constructed for the city's Enterprise Fund, The recorded value of the capitalized assets in the General Capital Asset accounts in the year of acquisition would be $1,150,000$750,000$650,000$900,000
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