During the Year,a Wealthy Local Merchant Donated a Building to the City

question 12

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,of which $40,000 was the value of the land on which the building was situated.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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