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| A state government enters into an agreement in which a private company agrees to build a toll road for the state in exchange for the tolls to be collected for the next 30 years. The toll road has a fair value of $500 million at the time it is put in service. Which of the following is correct about the accounting for this arrangement? A. The state government should record the toll road on its books at $500 million when the agreement is executed. B. The private company should record the toll road on its books for the 30 years in which it collects the revenue. C. The state government should record revenue of $500 when the agreement is executed. D. The state government should record a deferred outflow of resources in the amount of $500 million. |