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 $400,000. The amount that would be reported in the government-wide Statement of Activities would be:

Question

Quizplus · Accepted Answer

Proceeds of $900,000 - cost of $400,000 = gain of $500,000

A Government Reported an Other Financing Source in the Amount