(A) Capital assets should be recorded at historical cost. The cost normally includes the purchase price or construction costs of the asset, but it also should include any reasonable and necessary costs incurred to place the asset in its intended location and its intended use. Such costs could include the following: freight, site preparation, fees (architectural, engineering, legal, appraisal, and surveying), demolition, interest, and other reasonable costs.
(B) Donated or contributed assets should be recorded at fair market value on the date of acquisition.
(Ord. 54-2022, passed 12-19-2022)