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

question 50

Multiple Choice

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?

• A) $50,000.
• B) $54,000.
• C) $90,000.
• D) It should not be reported in the government-wide financial statements.

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Definitions:

Elevation

A feeling of uplifting joy, pride, or satisfaction that arises when witnessing acts of virtue or moral beauty.

Convergence

In psychology, it refers to the inward movement of both eyes toward each other, usually in an effort to maintain a single binocular vision when viewing an object.

Retinal Disparity

The slight difference in the visual images that the two eyes perceive because of the different angles in which each eye views the world, contributing to depth perception.

Being Cross-eyed

A condition where the eyes do not align properly, leading one or both eyes to look inward.