A government is the recipient of abequest of a multi-story office building that the governmentintends to use as a new city hall. The building has a historicalcost of $850,000; a book value in the hands of the benefactor of$700,000; and a fair value of $1,050,000. The city should recognizeon its governmental fund financial statements donations revenueof
- $-0-.
- $700,000.
- $850,000.
- $1,050,000
Explanation to the answer please
