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Question 5 During the year, an individual donated equipment to the City. The original cost of the equipment was $30,000. Accumulated depreciation at the date of the gift amounted to $25,000. The appraised value (acquisition value) of the donation at the date of the gift was $60,000. At what amount should this equipment be recorded in the general fund? $0 $5,000 $30,000 $60,000

Question 5 During the year, an individual donated equipment to the City. The original cost of the equipment was $30,000. Accumulated depreciation at the date of the gift amounted to $25,000. The appraised value (acquisition value) of the donation at the date of the gift was $60,000. At what amount should this equipment be recorded in the general fund? $0 $5,000 $30,000 $60,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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D Question 5 During the year, an individual donated equipment to the City. The original cost of the equipment was $30,000. Accumulated depreciation at the date of the gift amounted to $25,000. The appraised value (acquisition value) of the donation at the date of the gift was $60,000. At what amount should this equipment be recorded in the general fund? $0 $5,000 $30,000 $60,000
Transcribed Image Text:D Question 5 During the year, an individual donated equipment to the City. The original cost of the equipment was $30,000. Accumulated depreciation at the date of the gift amounted to $25,000. The appraised value (acquisition value) of the donation at the date of the gift was $60,000. At what amount should this equipment be recorded in the general fund? $0 $5,000 $30,000 $60,000
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