A Governmental Entity Is the Recipient of a Bequest of a Multi-Story

question 27

Multiple Choice

A governmental entity 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 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:

Olive Branch Petition

A final attempt by the colonists to avoid a war of independence against Britain, symbolizing peace and reconciliation.

King George III

The King of Great Britain and Ireland during the latter half of the 18th century, known for his reign during the American Revolutionary War and the subsequent loss of the American colonies.

No Hope

Generally signifies a situation or mindset where there is a belief that no positive outcomes are possible.

Declaration of Independence

A foundational document adopted on July 4, 1776, by the Continental Congress, declaring the thirteen American colonies to be independent from British rule.