Question

Slatereville Township had the following transactions during the year ending December 31, Year 20:

•	Municipal Land The Township owns a municipal park that is maintained with annual appropriations from the general fund. The land had a historical cost of $150,000 when acquired at the beginning of Year 1 and has been recently appraised for $589,000.
•	Municipal Buildings The Township maintains a City Hall complex that includes land with a cost of $50,000 and a building with a cost of $450,000. The building was placed into service at the beginning of Year 1 and has a useful life of 45 years. The Township operates its library through a combination of general governmental funding and incidental fees. The library was constructed on land with a historical cost of $60,000 and housed in a building with a historical cost of $240,000 and useful life of 40 years, and which was placed into service at the beginning of Year 1. The city completed a renovation at a cost of $100,000 at the end of the current year that extended the life of the building another 10 years. Renovations were financed with general obligation debt. The city incurred $5,000 in construction period interest in addition to the cost of renovations.
•	Infrastructure The Township has a network of roads and accounts for them using the modified approach. During the current year, it incurred $350,000 in maintenance costs. At year-end, the Township completed an additional three miles of roads and improvements at a cost of $2,500,000.
•	Enterprise Fund Assets At year-end, the Township's water and sewer enterprise fund completed plant improvements valued at $1,000,000. The Township incurred an additional $75,000 in construction period interest related to the improvements.
•	Fiduciary Fund Assets The Township's pension fund acquired a server connected to the Township's computer network for $2,000. The server provides a secure repository for compensation data and a dedicated resource for actuarial computations and analysis.

For each of these transactions, compute the asset value to be displayed in the indicated section of the government-wide financial statements at the end of Year 20. If there is no amount associated with the account, enter "0."

	A	B	C
1	Municipal Park	Governmental Activities	Business-Type Activities
2	Land
3	Accumulated depreciation
4
5	City Hall	Governmental Activities	Business-Type Activities
6	Land
7	Building
8	Accumulated depreciation
9
10	Library	Governmental Activities	Business-Type Activities
11	Land
12	Building
13	Accumulated depreciation
14
15	Infrastructure	Governmental Activities	Business-Type Activities
16	Maintenance expense
17	Roads
18	Accumulated depreciation
19
20	Water and Sewer Fund	Governmental Activities	Business-Type Activities
21	Plant improvements
22	Accumulated depreciation
23
24	Pension Fund	Governmental Activities	Business-Type Activities
25	Equipment
26	Accumulated depreciation

Answer 1

(1) Every year every company has to be filed their financial statements with in the due date specified as per income tax act 1961,

For that purpose, financial statements has to be prepared in accordance with the Compliance of various act like Companies Act 2013, Income Tax act 1961, Accounting Standards, International Financial Reporting standards.

While preparing that financial statements, fixed assets register should be prepared after considering all the Depreciation , Revaluation of assets.

It is assuming that we are preparing the financial statements by considering as the first year ending.

Municipal Park	Government Activity	Business Type Activity
Land	$1,50,000	0
Accumulated Depreciation	0	0
City Hall	Government Activity	Business Type Activity
Land	$ 50,000	0
Building	$ 4,50,000	0
Accumulated Depreciation	$ 10,000	0
Library	Government Activity	Business Type Activity
Land	$ 60,000	0
Building	$ 3,40,000	0
Accumulated Depreciation	$ 4,800( 240000÷ 50)	0
Infrastructure
Maintenance Expenses	0	$ 3,50,000
Roads	0	$ 25,00,000
Accumulated Depreciation	0	$ 2,50,000 Assuming life 10 year
Water and sewer	Government Activity	Business Type Activity
Plant Improvements( useful life 30 years)	0	$10,75,000
Accumulated Depreciation	0	$ 35,833
Pension Fund	Government Activity	Business Activity
Equipment ( useful life 6 years)	0	$ 2000
Accumulated Depreciation	0	$ 333

It is assuming that for any fixed asset, useful life has not given then it is assumed the useful life as per Companies Act 2013.

It is also assuming that it is the first year of the company.

Accumulated depreciation has been calculated on the basis of assuming as the first year of company.