Kids Klub is working on the presentation of their net assets…
Kids Klub is working on the presentation of their net assets and decided to present “net assets invested in capital assets” at December 31, 2024 (their first year of operations). A summary of the capital asset transactions that need to be considered include: Building cost $812,000: Included a $500,000 grant restricted for the building and $312,000 in funds raised restricted for the building. Purchased using these restricted resources only, with no related debt. Amortization for the 2024 year was recorded in the adjusting journal entries in question 5 above. Furniture cost $34,000: Purchased with unrestricted resources and no related debt. Amortization for the 2024 year-end was $4,000. Land appraisal value $60,000: Donated by a local business. **Net assets invested in capital assets is calculated as (unamortized portion of capital assets purchased with unrestricted resources – related debt) + (carrying amount of capital assets that will not be amortized – related debt). Net assets invested in capital assets at year-end December 31, 2024 is: When recording your numerical response, ensure you do not include dollar signs, commas or spaces.