A local citizen gives the City of Salem a painting by Picasso to display in city hall.
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A local citizen gives the City of Salem a painting by Picasso to display in city hall. Under what condition will the city not report this painting as a capital asset on its government-wide financial statements? If it does report the painting as a capital asset, must the city report depreciation?
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The City of Salem will not report the painting as a capital asset on i...View the full answer
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