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Business, 18.05.2021 18:50 Cinders13

On January 1, 2020, the City of Graf pays $46,500 for a work of art to display in the local library. The city will take appropriate measures to protect and preserve the piece. However, if the work is ever sold, the money received will go into unrestricted funds. Officials view the work as inexhaustible, but they have opted to depreciate the cost over 15 years (using the straight-line method). How is this work reported on government-wide financial statements for the year ended December 31, 2020

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On January 1, 2020, the City of Graf pays $46,500 for a work of art to display in the local library....
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