During the year, a wealthy local merchant donated a building to the city of Rosewood. The original cost of the building was $300,000. Accumulated depreciation at the date of the gift amounted to $250,000. The appraised fair market value of the donation at the date of the gift was $600,000. At what amount should Rosewood record this donated property in the General Fund?

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The Answer of During the year, a wealthy local merchant donated a building to the city of Rosewood. The original cost of the building was $300,000. Accumulated depreciation at the date of the gift amounted to $250,000. The appraised fair market value of the donation at the date of the gift was $600,000. At what amount should Rosewood record this donated property in the General Fund?

During the Year, a Wealthy Local Merchant Donated a Building