#Capital ship concept art software#
#Capital ship concept art professional#

Original contract price of asset acquired or cost of design and constructionД®xpenses incurred in remodeling, reconditioning, or altering a purchased building to make it available for the purpose for which it was acquired.Д®xpenses incurred for the preparation of plans, specifications, blueprints, etc. Payment of noncurrent taxes accrued on the land at date of purchase, if payable by purchaserД¬apitalization of facilities costs include, but are not limited to, the following: Legal fees for examining and recording titleД¬ost of title guarantee insurance policiesД¬ost of excavation, grading or filling of land and razing of an old building Capitalization of land costs include, but are not limited to, the following: Any proceeds obtained in the process of getting the land ready for its intended use, such as salvage receipts on the demolition of the old building or the sale of cleared timber, are treated as reductions in the price of the land. Removal of an old building, clearing, grading and filling are considered land costs because they are necessary to get the land in condition for its intended purpose.

If the land is purchased for the purpose of constructing a building, all costs incurred up to the excavation for the new building should be considered land costs. The recorded cost of land includes (1) the contract price (2) the costs of closing the transaction and obtaining title, including commissions, options, legal fees, title search, insurance, and past due taxes (3) the costs of surveys and (4) the cost of preparing the land for its particular use such as clearing and grading.

#Capital ship concept art software#

Intangible assets of internally generated computer software and all other intangible assets costing more than $1,000,000 All library books and artworkД¬onstruction in Progress (CIP) for capital projects with a budget in excess of $100,000 In general, for equipment, any such lease arrangement in excess of $5,000 regardless of whether individual items under lease arrangement do not qualify as a fixed asset based on the $5,000 threshold.Д¬apitalized interest incurred on new construction, rehabilitation or improvement projects costing in excess of $100,000Д¬omputer software costing more than $5,000 with a useful life beyond a single reporting period 13 (i.e., COPS,TELP, private financing, Statewide Lease/Purchase Agreement, etc.) should be considered for capitalization. Purchases of equipment and facilities acquired through a debt financing arrangement meeting the capital lease criteria under SFAS No. Land improvement and infrastructure projects costing more than $100,000Д®quipment costing more than $5,000 with a useful life beyond a single reporting period (generally one year)

#Capital ship concept art professional#

This value can be based on (1) general guidelines from some professional organizations such as GFOA, (2) internal experience, or (3) professionals such as engineers, architects, etc.ДЇixed assets should be categorized into the following:ДЇixed assets should be capitalized as follows:ДЄll buildings/facilities acquisitions and new constructionДЇacility renovation and improvement projects costing more than $100,000 In other words, the salvage value is the amount for which the asset could be sold at the end of its useful life.

The salvage value of an asset is the value it is expected to have when it is no longer useful for its intended purpose. Purchased Assets вЂ“ The recording of purchased assets shall be made on the basis of actual costs, including all ancillary costs, based on vendor invoice or other supporting documentation.Д¬onstructed Assets вЂ“ All direct costs (including labor) associated with the construction project shall be included in establishing the asset valuation.Дonated Assets вЂ“ Fixed assets acquired by gift, donation, or payment of a nominal sum not reflective of the assetвЂ™s market value shall be assigned cost equal to the fair market value at the time of receipt. In the case of gifts, the fixed asset should be recorded at fair market value at the date of receipt. All costs shall be documented, including methods and sources used to establish any estimated costs.

Cost shall include applicable ancillary costs. Fixed assets shall be recorded at historic cost or, if the cost is not readily determined, at estimated historic costs.