Problem

On the first day of the year, the City of Wolfe bought $20,000 of equipment with a five-ye...

On the first day of the year, the City of Wolfe bought $20,000 of equipment with a five-year life and no salvage value for its school system. It was capitalized but no other entries were ever made. The machine was monitored using the modified approach.

a. What was the correct overall change in the net assets in the government-wide financial statements?


b. What was the total of correct net expenses for education in the government-wide statements?

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