A Government Is the Recipient of a Bequest of a Multi-Story

question 9

Multiple Choice

A government is the recipient of a bequest of a multi-story office building that the government intends to sell to support program activities. The building has a historical cost of $850,000, a book value in the hands of the benefactor of $700,000, and a fair value of $1,050,000. The city had not yet begun to try to sell the building when its annual financial statements were issued. The city should recognize on its governmental fund financial statements, donations revenue of

• A) $-0-.
• B) $700,000.
• C) $850,000.
• D) $1,050,000.

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Definitions:

Neonates

Newborn infants, especially within the first month after birth.

Memory

The mental capacity to store, retain, and recall information and experiences, utilizing different processes like encoding, storage, and retrieval.

Blank Slate

The theory that individuals are born without built-in mental content, and all knowledge comes from experience or perception.

Object Permanence

The understanding that objects continue to exist even when they cannot be seen, heard, or touched, a concept typically developed during infancy.