A Citizen of Minersville Purchased a Truck in 20X1 for $120,000.On

question 28

Multiple Choice

A citizen of Minersville purchased a truck in 20X1 for $120,000.On September 18,20X6,she donated the truck to Minersville.The fair value of the truck on the date of donation was $70,000.How should Minersville report the truck in its government-wide Statement of Net Assets?

• A)No asset should be reported because no expenditures were made to acquire the truck.
• B)Machinery and equipment should be increased $50,000.
• C)Machinery and equipment should be increased $70,000.
• D)Machinery and equipment should be decreased $120,000.

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