The general fund of Reston acquired computer equipment costing $70,000 during the fiscal year ended June 30,2009.Machinery and Equipment should be reported in Reston's General Fund Balance Sheet and government-wide Statement of Net Assets at June 30,2009,as follows:

Question

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In the General Fund Balance Sheet, the computer equipment is not capitalized but expensed, so it won't appear as an asset. In the government-wide Statement of Net Assets, it is capitalized and reported as an asset.

The General Fund of Reston Acquired Computer Equipment Costing $70,000