The city of Kamen maintains a collection of paintings of a former citizen in its City Hall building.During the year,one painting was purchased by the city for $2,000 at an auction using appropriated funds in the General Fund.Also during the year,a donation of a painting valued at $3,000 was made to the city and the city has appropriately decided to record this painting as an asset.
Required:
Prepare the journal entry(ies)for the two transactions for the purposes of preparing the government-wide financial statements.
Government-wide Financial Statements - Government Activities:

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The Answer of The city of Kamen maintains a collection of paintings of a former citizen in its City Hall building.During the year,one painting was purchased by the city for $2,000 at an auction using appropriated funds in the General Fund.Also during the year,a donation of a painting valued at $3,000 was made to the city and the city has appropriately decided to record this painting as an asset.
Required:
Prepare the journal entry(ies)for the two transactions for the purposes of preparing the government-wide financial statements.
Government-wide Financial Statements - Government Activities:

The City of Kamen Maintains a Collection of Paintings of a Former