Capital Asset Disclosures Problem 5-4

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Capital Asset Disclosures Problem 5-4
Lynn County has prepared the following schedule related to its capital asset activity for the fiscal year 20…

SKU: ACCT 567 Capital Asset Disclosures Problem 5-4 Categories: , Tags: , , ,

Description

Capital Asset Disclosures Problem 5-4

Capital Asset Disclosures Problem 5-4

 ACCT 567 A+

Lynn County has prepared the following schedule related to its capital asset activity for the fiscal year 2011. Lynn County has governmental activities only, with no business-type activities.

Required

  1. Does the above capital asset footnote disclosure comply with the GASB requirements? Explain.
  2. Does the county use the modified approach to account for infrastructure assets? Explain.
  3. What percentage of the useful life of the depreciable assets remains?