A government is the recipient of a bequest of a multi-story office building that the government intends to use as a new city hall. The building has a historical cost 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 recognize on its government-wide financial statements donations revenue of
A) $-0-.
B) $700,000.
C) $850,000.
D) $1,050,000.

Question

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The Answer of A government is the recipient of a bequest of a multi-story office building that the government intends to use as a new city hall. The building has a historical cost 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 recognize on its government-wide financial statements donations revenue of
A) $-0-.
B) $700,000.
C) $850,000.
D) $1,050,000.

A Government Is the Recipient of a Bequest of a Multi-Story