In Problem 17, which of the following statements is true about reporting a revenue in connection with this gift?
a. A revenue will be reported.
b. Revenue is reported but only if the asset is reported.
c. If the asset is not capitalized, the city recognizes no revenue.
d. As a gift, no revenue would ever be reported.
Data from Problem 17
The City of Wilson receives a large sculpture valued at $240,000 as a gift to be placed in front of the municipal building. Which of the following is true for reporting the gift within the governmentwide financial statements?