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modern advanced accounting
Advanced Accounting 15th Edition Joe Ben Hoyle, Thomas Schaefer And Timothy Doupnik - Solutions
On January 1, the partners of Mori, Lux, and Khan (who share profits and losses in the ratio of 5:3:2, respectively) decide to terminate operations and liquidate their partnership. The trial balance at this date follows:The partners plan a program of piecemeal conversion of the partnership’s
The partnership of Bauer, Ohtani, and Souza has elected to cease all operations and liquidate its business property. A balance sheet drawn up at this time shows the following account balances:Part APrepare a predistribution plan for this partnership.Part BThe following transactions occur in
The partnership of Wing, Mehta, Rodgers, and Yan was formed several years ago as a local architectural firm. Several partners have recently undergone personal financial problems and have decided to terminate operations and liquidate the business. The following balance sheet is drawn up as a
The partnership of Garcia, Iglesias, and Kassabian was formed several years ago as a local tax preparation firm. Two partners have reached retirement age, and the partners have decided to terminate operations and liquidate the business. Liquidation expenses of $34,000 are expected. The partnership
During the year ended December 31, 2024, Andersen Hospital (operated as a private not-for-profit entity) received and incurred the following:How should this private not-for-profit report each of these balances? Fair value of donated medicines... Fair value of donated services (replacing salaried
During 2024, the City of Coyote contracts to build a bus stop for schoolchildren costing $10,000 as a special assessments project. The city collects $10,000 from directly affected citizens. The government has no obligation in connection with this project. The city records both a $10,000 revenue and
Go to https://comptroller.usc.edu/annual-financial-reports/ to find the 2021 financial statements for the University of Southern California. Required Use those financial statements and the accompanying notes to answer each of the following questions.1. What amount of pledges receivable is shown on
On December 30, 2024, the City of Coyote borrows $20,000 for the general fund on a 60-day note. In that fund, the city records Cash and Other Financing Sources. In the general information, this city reports a $30,000 overall increase in the fund balance of the general fund. What was the correct
The City of Coyote records an art display within its general fund. The display generates revenues of $9,000 this year as well as expenditures of $45,000 ($15,000 in expenses and $30,000 to buy land for the display). The CPA firm determines that the city should report this program as an enterprise
The City of Coyote mails property tax bills for 2025 to its citizens during August 2024. Property owners could make payments early to receive a discount. The levy becomes legally enforceable on February 15, 2025. All money received by the city must be spent during 2025 or later. The total
The City of Coyote mails property tax bills for 2025 to its citizens during August 2024. Payments could be made early to receive a discount. The levy becomes legally enforceable on February 15, 2025. All money the government receives must be spent during 2025 or later. The total assessment is
In 2024, the City of Coyote receives a $320,000 cash grant from the state to reduce air pollution. Although a special revenue fund could have been set up, the money remains in the general fund. The cash was received immediately but will have to be returned if the city does not lower its air
During 2024, the City of Coyote received $10,000, which was recorded as a general revenue in the general fund. It was actually a program revenue earned by the city’s park program.a. What was the correct overall change for 2024 in the net position reported on the governmentwide financial
The following unmarried individuals died in 2022. The estate of John Lexington has a taxable value of $4,590,000. The estate of Dorothy Alexander has a taxable value of $6.9 million. The estate of Scotty Fitzgerald has a taxable value of $12.1 million. None of these individuals made any taxable
Sally Anne Williams died on January 1, 2022. All of her property was conveyed to several relatives on April 1, 2022. For federal estate tax purposes, the executor chose the alternate valuation date. On what date was the value of the property determined?a. January 1, 2022b. April 1, 2022c. July 1,
M. Wilson Waltman died on January 1, 2022. All of his property was conveyed to beneficiaries on October 1, 2022. For federal estate tax purposes, the executor chose the alternate valuation date. On what date was the value of the property determined?a. January 1, 2022b. July 1, 2022c. October 1,
James Albemarle created a trust fund at the beginning of 2022. The income from this fund will go to his son, Edward. When Edward reaches the age of 25, the principal of the fund will be conveyed to United Charities of Cleveland. Mr. Albemarle specified that 75 percent of trustee fees are to be paid
Which of the following is not true concerning gift taxes?a. Gift taxes are not abolished, but a lifetime exclusion of $12.06 million is available in 2022.b. The Tax Cuts and Jobs Act of 2017 will eventually eliminate the federal gift tax.c. Historically, gift taxes and estate taxes have been linked
Comparative consolidated balance sheet data for Iverson, Inc., and its 80 percent–owned subsidiary Oakley Co. follow:Additional Information for Fiscal Year 2024∙ Iverson and Oakley’s consolidated net income was $45,000.∙ Oakley paid $5,000 in dividends during the year. Iverson paid $12,000
Comparative consolidated balance sheet data for Iverson, Inc., and its 80 percent–owned subsidiary Oakley Co. follow:Additional Information for Fiscal Year 2024∙ Iverson and Oakley’s consolidated net income was $45,000.∙ Oakley paid $5,000 in dividends during the year. Iverson paid $12,000
Poseidon Company purchases 80 percent of the common stock of Stuart Company on January 1, 2020, when Stuart has the following stockholders’ equity accounts:To acquire this interest in Stuart, Poseidon pays a total of $592,000. The acquisition-date fair value of the 20 percent noncontrolling
On January 1, 2024, Platform Company exchanged $1,000,000 for 40 percent of the outstanding voting stock of Vector Company. Especially attractive to Platform was a research project underway at Vector that would enhance both the speed and quantity of client-accessible data. Although not recorded in
On January 1, 2024, Pikes Corporation loaned Venti Company $300,000 and agreed to guarantee all of Venti’s long-term debt in exchange for (1) decision-making authority over all of Venti’s activities and (2) an annual management fee of 25 percent of Venti’s annual revenues. As a result of the
On December 31, 2023, Petra Company invests $20,000 in Valery, a variable interest entity. In contractual agreements completed on that date, Petra established itself as the primary beneficiary of Valery. Previously, Petra had no equity interest in Valery. Immediately after Petra’s investment,
On January 1, 2023, Chamberlain Corporation pays $388,000 for a 60 percent ownership in Neville. Annual excess fair-value amortization of $15,000 results from the acquisition. On December 31, 2024, Neville reports revenues of $400,000 and expenses of $300,000 and Chamberlain reports revenues of
Alford Company and its 80 percent–owned subsidiary, Knight, have the following income statements for 2024:Additional Information for 2024∙ Intra-entity inventory transfers during the year amounted to $90,000. All intra-entity transfers were downstream from Alford to Knight.∙ Intra-entity
Highlight, Inc., owns all outstanding stock of Kiort Corporation. The two companies report the following balances for the year ending December 31, 2023:On January 1, 2023, Highlight acquired on the open market bonds for $108,000 originally issued by Kiort. This investment had an effective rate of 8
Place Company owns a majority voting interest in Sassano, Inc. On January 1, 2022, Place issued $1,000,000 of 11 percent 10-year bonds at $943,497.77 to yield 12 percent. On January 1, 2024, Sassano purchased all of these bonds in the open market at a price of $904,024.59 with an effective yield of
Porter Corporation is a primary beneficiary for Vince Company, a variable interest entity. When Porter obtained financial control over Vince, any excess fair value over Vince’s book value was attributed solely to in-process research and development with an indefinite life. Porter owns 15 percent
On June 30, 2024, Plaster, Inc., paid $916,000 for 80 percent of Stucco Company’s outstanding stock. Plaster assessed the acquisition-date fair value of the 20 percent noncontrolling interest at $229,000. At acquisition date, Stucco reported the following book values for its assets and
Smith, Inc., has the following stockholders’ equity accounts as of January 1, 2024:Haried Company purchases all of Smith’s common stock on January 1, 2024, for $14,040,000. The preferred stock remains in the hands of outside parties. Any excess acquisition-date fair value will be assigned to
Ayer Company’s books show current earnings of $430,000 and $46,000 in cash dividends. Zane Company earns $164,000 in net income and declares $11,500 in dividends. Ayer has held a 70 percent interest in Zane for several years, an investment with an acquisition-date excess fair over book value
Pavin acquires all of Stabler’s outstanding shares on January 1, 2021, for $460,000 in cash. Of this amount, $30,000 was attributed to equipment with a 10-year remaining life and $40,000 was assigned to trademarks expensed over a 20-year period. Pavin applies the partial equity method so that
Perry Company reports current earnings of $420,000 while declaring $52,000 in cash dividends. Swen Company earns $147,000 in net income and declares $13,000 in dividends. Perry has held a 70 percent interest in Swen for several years, an investment with an acquisition-date excess fair over book
Pesto Company possesses 80 percent of Salerno Company’s outstanding voting stock. Pesto uses the initial value method to account for this investment. On January 1, 2020, Pesto sold 9 percent bonds payable with a $10 million face value (maturing in 20 years) on the open market at a premium of
On January 1, 2023, Mona, Inc., acquired 80 percent of Lisa Company’s common stock as well as 60 percent of its preferred shares. Mona paid $65,000 in cash for the preferred stock, with a call value of 110 percent of the $50 per share par value. The remaining 40 percent of the preferred shares
Bolero Company holds 80 percent of the common stock of Rivera, Inc., and 40 percent of this subsidiary’s convertible bonds. The following consolidated financial statements are for 2023 and 2024 (credit balances indicated by parentheses):Additional Information for 2024∙ The parent issued bonds
The following describes a set of arrangements between TecPC Company and a variable interest entity (VIE) as of December 31, 2023. TecPC agrees to design and construct a new research and development (R&D) facility. The VIE’s sole purpose is to finance and own the R&D facility and lease it
Paiton, Inc., and Sandra Corporation formed a business combination on January 1, 2022, when Paiton acquired a 60 percent interest in Sandra’s common stock for $312,000 in cash. The book value of Sandra’s assets and liabilities on that day totaled $300,000, and the fair value of the
Following are separate income statements for Amarillo, Inc., and its 80 percent–owned subsidiary, Saltillo Corporation as well as a consolidated statement for the business combination as a whole (credit balances indicated by parentheses).Additional Information∙ Annual excess fair over book
Cairns owns 75 percent of the voting stock of Hamilton, Inc. The parent’s interest was acquired several years ago on the date that the subsidiary was formed. Consequently, no goodwill or other allocation was recorded in connection with the acquisition. Cairns uses the equity method in its
Several years ago, Brant, Inc., sold $900,000 in bonds to the public. Annual cash interest of 9 percent ($81,000) was to be paid on this debt. The bonds were issued at a discount to yield 12 percent. At the beginning of 2019, Zack Corporation (a wholly owned subsidiary of Brant) purchased $180,000
Paulina, Incorporated, owns 90 percent of Southport Company. On January 1, 2024, Paulina acquires half of Southport’s $500,000 outstanding 13-year bonds. These bonds had been sold on the open market on January 1, 2021, at a 12 percent effective rate. The bonds pay a cash interest rate of 10
Bravo, Inc., owns all of the stock of Echo, Inc. For 2024, Bravo reports income (exclusive of any investment income) of $480,000. Bravo has 80,000 shares of common stock outstanding. It also has 5,000 shares of preferred stock outstanding that pay a dividend of $15,000 per year. Echo reports net
On January 1, 2022, Aronsen Company acquired 90 percent of Siedel Company’s outstanding shares. Siedel had a net book value on that date of $480,000: common stock ($10 par value) of $200,000 and retained earnings of $280,000.Aronsen paid $584,100 for this investment. The acquisition-date fair
On January 1, 2022, Parflex Corporation exchanged $344,000 cash for 90 percent of Eagle Corporation’s outstanding voting stock. Eagle’s acquisition date balance sheet follows:On January 1, 2022, Parflex prepared the following fair-value allocation schedule:The companies’ financial statements
Plaza, Inc., acquires 80 percent of the outstanding common stock of Stanford Corporation on January 1, 2024, in exchange for $900,000 cash. At the acquisition date, Stanford’s total fair value, including the noncontrolling interest, was assessed at $1,125,000. Also at the acquisition date,
On January 1, 2023, Palka, Inc., acquired 70 percent of the outstanding shares of Sellinger Company for $1,141,000 in cash. The price paid was proportionate to Sellinger’s total fair value, although at the acquisition date, Sellinger had a total book value of $1,380,000. All assets acquired and
Posada Company acquired 7,000 of the 10,000 outstanding shares of Sabathia Company on January 1, 2022, for $840,000. The subsidiary’s total fair value was assessed at $1,200,000 although its book value on that date was $1,130,000. The $70,000 fair value in excess of Sabathia’s book value was
Kelsey Corporation acquired 100 percent of Snowdon Company’s outstanding common stock on January 1 for $550,000 in cash. Snowdon reported net assets with a carrying amount of $350,000 at that time. Some of Snowdon’s assets either were unrecorded (having been internally developed) or had fair
On January 1, 2023, Procise Corporation acquired 100 percent of the outstanding voting stock of GaugeRite Corporation for $1,980,000 cash. On the acquisition date, GaugeRite had the following balance sheet:At the acquisition date, the following allocation was prepared:Although at acquisition date
Apollo Co., a consolidated enterprise, conducted an impairment review for each of its reporting units. In its qualitative assessment, one particular reporting unit, Stande, emerged as a candidate for possible goodwill impairment. Stande had recognized net assets with carrying amounts totaling
Pelota Company recently acquired several businesses and recognized goodwill in each acquisition. Pelota allocated the resulting goodwill to its three reporting units: R-one, R-two, and R-three. Pelota opts to skip the qualitative assessment and therefore performs a quantitative goodwill impairment
On January 1, 2023, French Company acquired 60 percent of K-Tech Company for $300,000 when K-Tech’s book value was $400,000. The fair value of the newly comprised 40 percent noncontrolling interest was assessed at $200,000. At the acquisition date, K-Tech’s trademark (10-year remaining life)
On October 18, 2023, Armstrong Auto Corporation (“Armstrong”) announced its plan to acquire 80 percent of the outstanding 500,000 shares of Bardeen Electric Corporation’s (“Bardeen”) common stock in a business combination following regulatory approval. Armstrong will account for the
On January 1, 2022, Pride Corporation purchased 90 percent of the outstanding voting shares of Star, Inc., for $540,000 cash. The acquisition-date fair value of the noncontrolling interest was $60,000. At January 1, 2022, Star’s net assets had a total carrying amount of $420,000. Equipment
On January 1, 2022, Pride Corporation purchased 90 percent of the outstanding voting shares of Star, Inc., for $540,000 cash. The acquisition-date fair value of the noncontrolling interest was $60,000. At January 1, 2022, Star’s net assets had a total carrying amount of $420,000. Equipment
In its fiscal year 2020, Tapestry, Inc., the company that makes Coach and Kate Spade bags as well as Stuart Weitzman, reported a $210.7 million charge for goodwill impairment. Referring to Tapestry’s 2020 financial statements and any other information from the media, address the following:1.
Herbert, Inc., acquired all of Rambis Company’s outstanding stock on January 1, 2023, for $574,000 in cash. Annual excess amortization of $12,000 results from this transaction. On the date of the takeover, Herbert reported retained earnings of $400,000, and Rambis reported a $200,000 balance.
Prior to 2021, United States Steel Corporation (U.S. Steel), a global steelmaker, had owned a 49.9 percent equity interest in Big River Steel Holdings LLC (Big River Steel). Big River Steel owns one of the largest electric arc furnace-oriented flat-rolled mills in North America. On January 15, 2021
Costco Wholesale Corporation owns and operates membership warehouses in the United States, Canada, United Kingdom, Mexico, Japan, Korea, Australia, Spain, France, and Iceland. Costco also engages in retail operations through a majority-owned subsidiary in Taiwan. The outside equity interests (not
On January 1, 2023, Grand Haven, Inc., reports net assets of $760,000 although equipment (with a four-year remaining life) having a book value of $440,000 is worth $500,000 and an unrecorded patent is valued at $45,000. Van Buren Corporation pays $692,000 on that date to acquire an 80 percent
On January 1, 2023, Holland Corporation paid $8 per share to a group of Zeeland Corporation shareholders to acquire 60,000 shares of Zeeland’s outstanding voting stock, representing a 60 percent ownership interest. The remaining 40,000 shares of Zeeland continued to trade in the market close to
Amie, Inc., has 100,000 shares of $2 par value stock outstanding. Prairie Corporation acquired 30,000 of Amie’s shares on January 1, 2021, for $120,000 when Amie’s net assets had a total fair value of $350,000. On July 1, 2024, Prairie bought an additional 60,000 shares of Amie from a single
On January 1, 2024, Pasture Company acquires 80 percent of Spring Company for $1,712,000 in cash consideration. The remaining 20 percent noncontrolling interest shares had an acquisition-date estimated fair value of $428,000. Spring’s acquisition-date total book value was $1,700,000.The fair
On January 1, 2023, Harrison, Inc., acquired 90 percent of Starr Company in exchange for $1,125,000 fair-value consideration. The total fair value of Starr Company was assessed at $1,200,000. Harrison computed annual excess fair-value amortization of $8,000 based on the difference between Starr’s
On January 1, 2023, Perlman Corporation exchanged $1,710,000 cash for 90 percent of the outstanding voting stock of Stein Company. The consideration transferred by Perlman provided a reasonable basis for assessing the total January 1, 2023, fair value of Stein Company. At the acquisition date,
On January 1, 2024, Morey, Inc., exchanged $178,000 for 25 percent of Amsterdam Corporation. Morey appropriately applied the equity method to this investment. At January 1, the book values of Amsterdam’s assets and liabilities approximated their fair values.On June 30, 2024, Morey paid $560,000
Padre, Inc., buys 80 percent of the outstanding common stock of Sierra Corporation on January 1, 2024, for $802,720 cash. At the acquisition date, Sierra’s total fair value, including the noncontrolling interest, was assessed at $1,003,400, although Sierra’s book value was only $690,000. Also,
The following are several account balances taken from the records of Karson and Reilly as of December 31, 2024. A few asset accounts have been omitted here. All revenues, expenses, and dividend declarations occurred evenly throughout the year. Annual tests have indicated no goodwill impairment.On
Miller Company acquired an 80 percent interest in Taylor Company on January 1, 2022. Miller paid $664,000 in cash to the owners of Taylor to acquire these shares. In addition, the remaining 20 percent of Taylor shares continued to trade at a total value of $166,000 both before and after Miller’s
On January 1, 2022, Telconnect acquires 70 percent of Bandmor for $490,000 cash. The remaining 30 percent of Bandmor’s shares continued to trade at a total value of $210,000. The new subsidiary reported common stock of $300,000 on that date, with retained earnings of $180,000. A patent was
Nascent, Inc., acquires 60 percent of Sea-Breeze Corporation for $414,000 cash on January 1, 2021. The remaining 40 percent of the Sea-Breeze shares traded near a total value of $276,000 both before and after the acquisition date. On January 1, 2021, Sea-Breeze had the following assets and
Following are the individual financial statements for Gibson and Davis for the year ending December 31, 2024:Gibson acquired 60 percent of Davis on April 1, 2024, for $528,000. On that date, equipment owned by Davis (with a 5-year remaining life) was overvalued by $30,000. Also on that date, the
On January 1, 2023, Payne Company bought a 15 percent interest in Scout Company. The acquisition price of $184,500 reflected an assessment that all of Scout’s accounts were fairly valued within the company’s accounting records. During 2023, Scout reported net income of $100,000 and declared
On July 1, 2024, Truman Company acquired a 70 percent interest in Atlanta Company in exchange for consideration of $720,000 in cash and equity securities. The remaining 30 percent of Atlanta’s shares traded closely near an average price that totaled $290,000 both before and after Truman’s
The Holtz Corporation acquired 80 percent of the 100,000 outstanding voting shares of Devine, Inc., for $7.20 per share on January 1, 2023. The remaining 20 percent of Devine’s shares also traded actively at $7.20 per share before and after Holtz’s acquisition. An appraisal made on that date
Adams Corporation acquired 90 percent of the outstanding voting shares of Barstow, Inc., on December 31, 2022. Adams paid a total of $603,000 in cash for these shares. The 10 percent noncontrolling interest shares traded on a daily basis at fair value of $67,000 both before and after Adams’s
On January 1, 2024, Johnsonville Enterprises, Inc., acquired 80 percent of Stayer Company’s outstanding common shares in exchange for $3,000,000 cash. The price paid for the 80 percent ownership interest was proportionately representative of the fair value of all of Stayer’s shares.At
Pitino acquired 90 percent of Brey’s outstanding shares on January 1, 2022, in exchange for $342,000 in cash. The subsidiary’s stockholders’ equity accounts totaled $326,000, and the noncontrolling interest had a fair value of $38,000 on that day. However, a building (with a 9-year remaining
On January 1, 2023, PondBlue Company purchased 100 percent of the outstanding voting stock of SweetWater, Inc., for $1,000,000 in cash and other consideration. At the purchase date, SweetWater had common stock of $500,000 and retained earnings of $185,000. PondBlue attributed the excess of
The individual financial statements for Abbey Company and Bellstar Company for the year ending December 31, 2024, follow. Abbey acquired a 60 percent interest in Bellstar on January 1, 2023, in exchange for various considerations totaling $570,000. At the acquisition date, the fair value of the
On January 1, 2023, Bretz, Inc., acquired 60 percent of the outstanding shares of Keane Company for $573,000 in cash. The price paid was proportionate to Keane’s total fair value although at the date of acquisition, Keane had a total book value of $810,000. All assets acquired and liabilities
The following trial balance is taken from the General Fund of the City of Jennings for the year ending December 31, 2024. Prepare a condensed statement of revenues, expenditures, and other changes in fund balance. Also prepare a condensed balance sheet. Accounts Payable.. Cash .... Contracts
A city has only one activity, its school system. The school system is accounted for within the general fund. For convenience, assume that, at the start of 2024, the school system and the city have no assets. During the year, the city assesses property taxes of $400,000. Of this amount, it collects
On January 1, 2024, the City of Hastings creates a solid waste landfill that it expects to reach capacity gradually over the next 20 years. If the landfill were to be closed at the current time, closure costs would be approximately $1.2 million plus an additional $700,000 for postclosure work. Of
The City of Raylan has a rather large warehouse that it no longer needs. The city had previously used the warehouse to store supplies and equipment for the school system, police department, and other public service functions. It has a remaining expected life of 18 years with no expected residual
The City of Leonard decides to lease school desks for its school system rather than buy them because the lessor will do all scheduled maintenance. On January 1, 2024, the school system leases 5,000 school desks for four years. After that, they will be returned to the manufacturer. Payment will be
Reynolds County has three large trucks with a total net book value of $600,000 and remaining lives of six years with no expected residual value. County officials lease the trucks to the City of Webster on January 1, Year Three, for six years. Based on a negotiated annual implicit interest rate of 5
Prior to the creation of government-wide financial statements, the City of Loveland did not report the cost of its infrastructure assets. Now city officials are attempting to determine reported values for major infrastructure assets that were constructed prior to the passage of the current rules
The following transactions relate to the general fund of the City of Lost Angels for the year ending December 31, 2024. Prepare a statement of revenues, expenditures, and other changes in fund balance for the general fund for the period to be included in the fund financial statements. Assume that
Following are descriptions of transactions and other financial events for the City of Tetris for the year ending December 2024. Not all transactions have been included here. Only the general fund formally records a budget. No encumbrances were carried over from 2023.The following questions are
The City of Lawrence opens a solid waste landfill in 2024 that is at 54 percent of capacity on December 31, 2024. City officials had initially anticipated closure costs of $2 million but later that year decided that closure costs would actually be $2.4 million. None of these costs will be incurred
Help & Save is a private not-for-profit entity that operates in Kansas. Swim For Safety is a private not-for-profit entity that operates in Missouri. The leaders of these two organizations have decided to combine forces on January 1, 2024, in order to have a bigger effect resulting from their
The County of Maxnell decides to create a waste management department and offer its services to the public for a fee. As a result, county officials plan to account for this activity as an enterprise fund. Prepare journal entries for this operation for the following 2024 transactions. Also prepare
Government officials of the City of Johnson expect to receive general fund revenues of $400,000 in 2024 but approve spending only $380,000. Later in the year, as they receive more information, they increase the revenue projection to $420,000. Officials also approve the spending of an additional
On December 1, 2024, a state government awards a city government a grant of $1 million to be used specifically to provide hot lunches for all schoolchildren. No money is received until June 1, 2025. For each of the following, indicate whether the statement is true or false and, if false, explain
Read the following articles and any other papers that are available on setting governmental accounting standards:“The Governmental Accounting Standards Board: Factors Influencing Its Operation and Initial Technical Agenda,” Government Accountants Journal, Spring 2000.“Governmental Accounting
On January 1, 2024, a rich citizen of the Town of Ristoni donates a painting valued at $300,000 to be displayed to the public in a government building. Although this painting meets the three criteria to qualify as an artwork, town officials choose to record it as an asset. The gift has no
On January 1, 2024, the City of Graf pays $60,000 for a work of art to display in the local library. The city will take appropriate measures to protect and preserve the piece. However, if the work is ever sold, the money received will go into unrestricted funds. Officials view the work as
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