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P. 7-6 The schedule of capital assets has a significant impact on the reconciliations between fund and government-wide statements. As required by GASB Statement No. 34, the annual report includes reconciliations between: (1) total fund balance, governmental funds (per the…

A city engaged in the following transactions during a year: It acquired computer equipment at a cost of $40,000. It completed construction of a new jail, incurring $245,000 in new costs. In the previous year the city had incurred $2.5…