In 2017, Sunrise City signed a contract in the amount of $8,000,000 for the construction of a new city hall. Expenditures were $4,000,000 in 2017 and $2,050,000 in 2018, which included a change to the original construction design in the amount of $50,000. What amount should be added to capital assets in the governmental activities accounts in 2018?

Question

Business

Elianna Arnold

24 December, 23:38

In 2017, Sunrise City signed a contract in the amount of $8,000,000 for the construction of a new city hall. Expenditures were $4,000,000 in 2017 and $2,050,000 in 2018, which included a change to the original construction design in the amount of $50,000. What amount should be added to capital assets in the governmental activities accounts in 2018?

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Answers (1)

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Aubrie Sharp · Answer 1

The correct answer is $2,050,000

Explanation:

In 2017, Sunrise City signed a contract in the amount of $8,000,000 for the construction of a new city hall. Expenditures were $4,000,000 in 2017 and $2,050,000 in 2018

$2,050,000 should be added to capital assets in the governmental activities accounts in 2018