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1 September, 00:18

A citizen of York purchased a truck in 20X3 for $50,000. On June 10, 20X9, she donated the truck to York. The fair value of the truck on the date of donation was $30,000. How should York report the truck in its government-wide Statement of Net Assets

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Answers (2)
  1. 1 September, 00:53
    0
    B. Machinery and equipment should be increased $30,000.

    Explanation:

    Given that the current fair value of the truck donated to the city of York is valued at $30,000, the amount or entry to be written on the government wide statement of net asset will be machinery and equipment should be increased by $30,000. The initial amount of the truck that the citizen purchased it for in 20X3 is not a true represented of the current worth of the truck, hence the reason it is not being used and it's why the fair value estimation gives a better current worth of the asset.
  2. 1 September, 03:18
    0
    Since the fair value was $30,000 hence the interest was $50,000-30,000=$20,000

    option C is correct.
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Home » Business » A citizen of York purchased a truck in 20X3 for $50,000. On June 10, 20X9, she donated the truck to York. The fair value of the truck on the date of donation was $30,000.
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