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:

Percentages

A way of expressing numbers as fractions of 100, used to describe proportions.

All-Nighter Narrative

A term not commonly defined in formal contexts, potentially referring to stories or experiences related to staying awake all night, often for study or work.

Crimes Per Capita

A statistical measure expressing the number of crimes reported per unit of population in a given area or period.

Variance

A measure of the dispersion or spread of a set of data points around their mean; it quantifies the degree to which these points differ from the mean.