Question: Problem 10(want text answer and brief explanation) A local citizen gives the City of Salem a painting by Picasso to display in city hall. Assume

Problem 10(want text answer and brief explanation) A local citizen gives

Problem 10(want text answer and brief explanation) A local citizen gives the City of Salem a painting by Picasso to display in city hall. Assume that the city does not choose to report the painting on the government-wide financial statements as a capital asset. Must the city report a revenue for the gift

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