sunpelt5830
18.12.2019 •
Business
On january 1, 2017, a rich citizen of the town of ristoni donates a painting valued at $330,000 to be displayed to the public in a government building. although this painting meets the three criteria to qualify as an artwork, town officials choose to record it as an asset. there are no eligibility requirements for the gift. the asset is judged to be inexhaustible so that depreciation will not be reported.
for the year ended december 31, 2017, what will be reported on government-wide financial statements in connection with this gift?
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Ответ:
$40,000
Explanation:
The accounting procedure involved in the above is that one picks the lower between the actual interest incurred and the interest computed on the weighted average amount of accumulated expenditures for PPE.
The actual interest incurred on specific construction debt and other borrowings
= $50,000 + $20,000
= $70,000
Since the interest computed on the weighted average amount of accumulated expenditure for the building is $40,000 , the lower between the actual interest incurred and interest on weighted average amount of accumulated expenditure is $40,000, hence will be the capitalized amount.