Reconciliations to yield government-wide financial statements (capital assets) The City of Boxborough is preparing its government-wide financial statements from its fund financial statements. The City identifies Capital Assets with a book value of $500,000 (all numbers in $1,000s) at the beginning of the year that are depreciated at the rate of $25,000 per year. Its records also indicate that it spent $300,000 on new Capital Assets during the year. What two reconciliation entries must the City include in its government-wide financial statements relating to Capital Assets? Reconciliation Spreadsheet Debit Description « Previous 0 0 Credit + Record capital assets for government-wide financial statement presentation Depreciation expense 0 0 Save Answers 0 0 ◆ 0 Record depreciation for government-wide financial statement presentation Please answer all parts of the question. 0 0 0 Next >