At the Beginning of Its Fiscal Year, a Local Government

question 45

Multiple Choice

At the beginning of its fiscal year, a local government owned an investment with a historical cost of $85 and a fair value of $95.During the year, dividends of $2 were received.At the end of the year, the investment had a fair value of $100.The amount that should be recognized on the governmental fund financial statements for the year as investment income is

• A)$-0-.
• B)$7.
• C)$15.
• D)$17.

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