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Indicate the amount of revenue that Beanville should recognize in its 2020 (1) government-wide statements...

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Accounting

Indicate the amount of revenue that Beanville should recognize in its 2020 (1) government-wide statements and (2) governmental fund statements. Provide a brief justification or explanation for your responses.

In December 2020 Beanville sold a city-owned warehouse to a private developer. Sales price was $4.2 million. The warehouse had cost $4 million when it was acquired 10 years earlier. It had an estimated useful life of 40 years (with no salvage value).

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