The City of Wilson receives a large sculpture valued at $240,000 as a gift to be placed
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The City of Wilson receives a large sculpture valued at $240,000 as a gift to be placed in front of the municipal building. Which of the following is true for reporting the gift within the governmentwide financial statements?
a. A capital asset of $240,000 must be reported.
b. No capital asset will be reported.
c. If conditions are met, recording the sculpture as a capital asset is optional.
d. The City will record the sculpture but only for the amount it had to pay.
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he correct answer is A A capital asset of 240000 must be reported Explanation When a government ...View the full answer
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