A Citizen of York Purchased a Truck in 20X3 for $50,000.On

question 53

Multiple Choice

A citizen of York purchased a truck in 20X3 for $50,000.On June 10,20X9,she donated the truck to York.The fair value of the truck on the date of donation was $30,000.How should York report the truck in its government-wide Statement of Net Assets?

• A)Machinery and equipment should be increased $50,000.
• B)Machinery and equipment should be increased $30,000.
• C)Machinery and equipment should be decreased $20,000.
• D)No asset should be reported because no expenditures were made to acquire the truck.

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Definitions:

Assign

To allocate or designate a task, resource, or value to a variable, individual, or entity.

Run

The process of executing or launching a program, script, or command in a computing environment to perform its designated function.

Single Step

A debugging feature in software development that executes code one instruction at a time, allowing for detailed examination of the program's behavior.

Debug

The process of identifying, tracing, and correcting errors or bugs in a computer program or system.