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When a government receives a donated capital asset, it should be reported at:

When a government receives a donated capital asset, it should be reported at:

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity
Section: Chapter Questions
Problem 1MC: A donated fixed asset (from a governmental unit) for which the fair value has been determined should...
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When a government receives a donated capital asset, it should be reported at: O a. donor's historical costs plus any transaction costs O b. what the appraisal says O c. fair value O d. donee's historical costs plus any transaction costs Which is the most correct time to report a liability in governmental fund statements? O a. when it is both known and measurable O b. when it is paid O c. never reported in the governmental funds O d. when the liability occurred
Transcribed Image Text:When a government receives a donated capital asset, it should be reported at: O a. donor's historical costs plus any transaction costs O b. what the appraisal says O c. fair value O d. donee's historical costs plus any transaction costs Which is the most correct time to report a liability in governmental fund statements? O a. when it is both known and measurable O b. when it is paid O c. never reported in the governmental funds O d. when the liability occurred
The general fund transfers $1,100,000 to the debt service fund. $100,000 of this is for interest expense and $1,000,000 of this is for payment of principal. What should the CREDIT entry be for the Debt Service fund? O a $100,000 in interest expenditure and $1,000,000 to notes payable O b. $1,100,000 Nonreciprocal transfer from general fund O c. $100,000 in interest expense and $1,000,000 to notes payable O d. cash O e. debt service expenditure
Transcribed Image Text:The general fund transfers $1,100,000 to the debt service fund. $100,000 of this is for interest expense and $1,000,000 of this is for payment of principal. What should the CREDIT entry be for the Debt Service fund? O a $100,000 in interest expenditure and $1,000,000 to notes payable O b. $1,100,000 Nonreciprocal transfer from general fund O c. $100,000 in interest expense and $1,000,000 to notes payable O d. cash O e. debt service expenditure
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Intermediate Accounting: Reporting And Analysis
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9781337788281
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