Question

Nuevo York County maintains the Metro Bus Enterprise Fund to account for the activities of its municipal bus service. The following information is reported in the fund’s statement of net position at year-end: Land—$400,000; Buses and bus garage—$2,500,000; Accumulated depreciation, buses and garage—$1,100,000; Current portion of bonds payable—$250,000; Noncurrent portion of bonds payable—$1,400,000. The bonds were issued to finance acquisition of the buses and the garage. How much should the fund report as "Net investment in capital assets" in the statement of net position?

Answer 1

$150,000 (land (400,000) - current BP (250,000)

Step-by-step explanation:

Hope this helps