Question: On January 1 , 2 0 2 0 , a rich citizen of the Town of Ristoni donates a painting valued at $ 3 7

On January 1,2020, a rich citizen of the Town of Ristoni donates a painting valued at $372,000 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 eligibility requirements. These officials judge the painting to be inexhaustible so that depreciation will not be reported.

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