On January 1,2012,a county's government-wide financial statements shows general fixed assets of $2,400,000.For the year ended December 31,2012,the county's fund financial statement shows an amount of $125,000 next to the caption "Expenditures - capital outlay." To prepare its 2012 government-wide financial statements,the preparer makes a worksheet that uses the 2012 fund-level financial statements as the starting point.As a result,the worksheet does not show any capital assets at the beginning of the year.What adjusting entry is needed to report the facts about capital assets on the government-wide statements?

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The Answer of On January 1,2012,a county's government-wide financial statements shows general fixed assets of $2,400,000.For the year ended December 31,2012,the county's fund financial statement shows an amount of $125,000 next to the caption "Expenditures - capital outlay." To prepare its 2012 government-wide financial statements,the preparer makes a worksheet that uses the 2012 fund-level financial statements as the starting point.As a result,the worksheet does not show any capital assets at the beginning of the year.What adjusting entry is needed to report the facts about capital assets on the government-wide statements?

On January 1,2012,a County's Government-Wide Financial Statements Shows General Fixed