At the Beginning of Its Fiscal Year, a Local Government

question 71

Multiple Choice

At the beginning of its fiscal year, a local government was given 100 acres that the town council voted to use as a central park and business center. The land had an historical cost of $100 but was appraised at the time of donation at $500. The amount that should be recognized on the governmental fund financial statements for the year as revenue is

• A) $-0-.
• B) $100
• C) $400
• D) $500

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