During the Year, a Wealthy Local Merchant Donated a Building

question 71

Multiple Choice

During the year, a wealthy local merchant donated a building to the city of Rosewood. The original cost of the building was $300,000. Accumulated depreciation at the date of the gift amounted to $250,000. The appraised fair market value of the donation at the date of the gift was $600,000. At what amount should Rosewood record this donated property in the General Fund?

• A) $50,000.
• B) $300,000.
• C) $600,000.
• D) $0.

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Definitions:

Mental Health Services

A range of services designed to support individuals with mental health challenges, including therapy, counseling, medication, and psychiatric support.

Canada

A country in North America, known for its vast landscapes, multicultural population, and as being the second largest country by total area.

Moral Therapy

A 19th-century psychiatric treatment approach focusing on humane treatment and moral discipline as a remedy for mental illness.

Somatogenic

A term referring to the origin of physical bodily disorders, suggesting that psychological conditions have a physical (somatic) cause.