AG 2001 12 17 - Laserfiche WebLink

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existing depreciable assets intended to increase their efficiency or prolong their useful lives.) Recording of public domain or infrastructure type fixed assets in the accounting records is optional. This category of fixed assets includes roads, bridges, curbs and gutters, streets and sidewalks, drainage systems, and similar assets that are immovable and of value only to the County. Equipmentr Vehicles and Furniture A fixed asset account that reflects the value of tangible property not permanently affixed to real property, used in carrying out the operations of the governmental unit. Examples of equipment are machinery, furniture and vehicles. Construction in Progress A fixed asset account that reflects amounts expended on an incomplete building or other capital construction project. When the project is complete, the cumulative costs are transferred to another appropriate fixed asset account. Valuation of Fixed Assets Fixed assets should be accounted for at cost or if the cost is not practicably determinable, at estimated historical cost. Donated fixed assets should be recorded at their estimated fair market value when received. Valuations considerations by category of fixed assets include! Land (Account 9801) If the land is purchased, the valuation includes such costs as purchase price, legal fees, filling and excavation, and other costs directly related to the acquisition of the land and its preparation for use. Rights-of-way and easements are recorded at purchase cost plus legal costs. If land is acquired as a gift (donation), the valuation recorded should be the appraised value at the time of acquisition. Proceeds from the salvaging of any assets removed from the land reduce the land's value. Buildings and Building Improvements (Account 9820) If purchased or constructed, the valuation of buildings includes such costs as the purchase price, acquisition legal fees, and other professional fees (related to design or construction). If acquired as a