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A government is the recipient of a bequest of a multi-story office building that the government intends...

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Accounting

A government is the recipient of abequest of a multi-story office building that the governmentintends to use as a new city hall. The building has a historicalcost 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 should recognizeon its governmental fund financial statements donations revenueof

  1. $-0-.
  2. $700,000.
  3. $850,000.
  4. $1,050,000

Explanation to the answer please

Answer & Explanation Solved by verified expert
4.3 Ratings (580 Votes)
Answer d 1050000 Explanation In the given question we have been provided with the information that Government in the recipient of a bequest of a multistory office building    See Answer
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