Reference no: EM131106402
Darien Village adopted the provision of GASB 34, Basic Financial Statements-and Management's Discussion and Analysis-for State and Local Governments, for its financial statements issued for 2005. As of December 31, 2005, Darien determined that it had spent $5,000,000 on infrastructure assets since the village was incorporated in 1980, and that infrastructure had an expected life of fifty years.
These infrastructure assets consist primarily of roads and bridges that were financed with general long-term debt. Darien decided to use the modified approach for reporting its infrastructure assets on its government-wide financial statements for 2005.
During 2005, Darien spent $250,000 maintaining and preserving its roads and bridges, and $500,000 to extend the life of existing infrastructure.
On the statement of net assets at December 31, 2005, what amount should Darien report for infrastructure under the governmental activities column?
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