A Local Citizen Donated Land with a Fair Market Value

question 46

Multiple Choice

A local citizen donated land with a fair market value of $500,000 to the county government. The donor had paid $550,000 for the land five years ago. The county incurred $150,000 in development costs to convert the land into a public park. The county should capitalize the new public park in the General Capital Assets accounts in the amount of

• A) $500,000.
• B) $550,000.
• C) $650,000.
• D) $700,000.

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The first language a person learns to speak, which is usually acquired naturally in their early childhood environment.

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The sound produced by humans using the vocal folds for talking, singing, laughing, crying, screaming, etc.

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