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The City of Maine Creek Acquired a Used Front-End Loader

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The city of Maine Creek acquired a used front-end loader from a road contractor for use at the city landfill (which is accounted for in an enterprise fund) . The loader had a fair value of $54,000 and a historical cost of $90,000. The city paid the contractor $50,000 for the loader. At what amount should be front-end loader be reported in the government-wide financial statements?

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Definitions:

Mendeleev

A Russian chemist who created the periodic table, organizing chemical elements by their atomic mass and chemical properties.

Atomic Symbol

A one or two letter notation used to represent an element in the periodic table, derived from its name.

Aurum

The Latin term for gold, represented by the atomic symbol Au.

Gold

A chemical element with the symbol Au (from Latin: aurum) and atomic number 79, known for its brightness, density, and resistance to corrosion.

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