A government reported an other financing source in the amount of $900,000 related to the sale of land in its governmental funds Statement of Revenues,Expenditures,and Changes in Fund Balances.The land had a cost of $340,000.The amount that would be reported in the government-wide Statement of Activities would be:

Question

Quizplus · Accepted Answer

In the government-wide Statement of Activities, the gain is calculated as the sale price minus the cost of the land. Therefore, the gain is $900,000 (sale price) - $340,000 (cost) = $560,000.

A Government Reported an Other Financing Source in the Amount