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Question: Assume in problem 17 that the city


Assume in problem 17 that the city reports the work as a capital asset. Which of the following is true?
a. Depreciation is not recorded because the city has no cost.
b. Depreciation is not required if the asset is viewed as inexhaustible.
c. Depreciation must be recognized because the asset is capitalized.
d. Because the city received the property as a gift, recognition of depreciation is optional.

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