Business, 10.06.2021 22:40 kaciewelkerouwdfa

Reynolds County has three large trucks with a total net book value of $600,000 and remaining lives of six years with no expected residual value. County officials lease the trucks to the City of Webster on January 1, 2020, for six years. Based on a negotiated annual implicit interest rate of 5 percent, the parties agree on annual payments of $112,581 beginning immediately and each January 1 thereafter. For both governments, the trucks relate to activities maintained with the General Fund. 1. What is the total expense Webster reports on government-wide financial statements for 2020?2. What amount of deferred lease revenue will Reynolds report on its statement of net position as of December31,2020, assuming that country recognizes revenue on a straight-line method?

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Reynolds County has three large trucks with a total net book value of $600,000 and remaining lives o...

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