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Complete the following exercises on excelP. 7-3Which is the proper value to be assigned to certain donated assets? (This is a question for which answers cannot be found in either GASB pronouncements or in this text.)A cityâs road maintenance department received âdonationsâ of two types of assets:1. From the county in which the city is located it received earthmoving equipment. The equipment had cost the county $800,000 when it was acquired five years earlier. Accounted for in a county proprietary fund, its book value, net of accumulated depreciation at the time of donation, was $500,000. Its fair market value was $530,000.2. From the cityâs own utility fund (a proprietary fund) it received motor vehicles that had cost the city $400,000 when acquired three years earlier. At the time of transfer, the vehicles were recorded on the utilityâs books at $180,000, net of accumulated depreciation. Their fair market value was $225,000.a. At what value should the city record in its government-wide financial statements: (1) the earth-moving equipment, and (2) the motor vehicles?b. Briefly justify your response, commenting on any apparent inconsistencies in the values assigned to each of the two types of assets.c. Comment on the significance of the resultant book values for decisions or assessments to be made by statement users.EX. 8-4 Complete on a separate tab of ExcelBoth the reported value of long-term debt and periodic interest charges should be based on unamortized issue price (plus or minus unamortized premiums or discounts) and initial yield.The City of Fairfield issued $100 million of 20-year, 6 percent coupon bonds (3 percent per semiannual period) for $89.32 million. The price reflected a yield of 7 percent (3.5 percent period semiannual period).1.Prepare entries to reflect how the following would be reported in the cityâs government-wide statements:a. The issuance of the bondb. The first semiannual payment of interestc. The second semiannual payment of interest2. Prepare entries to account for the same transactions in an appropriate governmental fund.
