In 2020, 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 2020 and $2,050,000 in 2021, 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 2021?

Question

Quizplus · Accepted Answer

The amount to be added to capital assets in 2021 is the total expenditure for that year, which is $2,050,000, including the change in construction design.

In 2020, Sunrise City Signed a Contract in the Amount