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On 1st January, 2013, a rich citizen of the Town of Ristoni donates a painting valued at $300,000 to be displayed to the public in a government building. Though this painting meets the three criteria to qualify as an artwork, town officials select to record it as an asset. There are no eligibility needs for the gift. The asset is judged to be inexhaustible so that depreciation can't be reported.
A. For the year ended 31st December, 2013, what will be reported on government-wide financial statements in connection with this gift?
B. How does the answer to need (a) change if the government decides to depreciate this asset over a 10-year period using straight-line depreciation?
C. How does the answer to need (a) change if the government decides not to capitalize the asset?
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We need transactions like that. And Excel spreadsheet should have different input boxes for different values. The input should be reflected in the solution.
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For how much do these free assets have to be sold so that the creditors associated with Debt 2 receive exactly $170,800?
Analyzing the weaknesses and financial strengths of the company
Evaluate whether the entity's financial position improved or deteriorated through the reporting period. Speculate on the causes from your review of the financial statements.
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