On January 2, Basketville City purchased equipment with a useful life of three years to be used by its capital project fund. Which of the following is the correct treatment for the asset? A.) Capitalize; depreciation is optional B.) Capitalize; depreciation is required C.) Capitalize; depreciation is not permitted. D.) Record the purchase of the equipment as an expenditur
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On January 2, Basketville City purchased equipment with a useful life of three years to be used by its capital project fund. Which of the following is the correct treatment for the asset?
A.) Capitalize;
B.) Capitalize; depreciation is required
C.) Capitalize; depreciation is not permitted.
D.) Record the purchase of the equipment as an expenditure
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