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Question 1 The City of Wilson receives a large sculpture valued at $240,000 as a...

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Question 1 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 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, no revenue should be recognized. d. As a gift, no revenue would ever be reported. (want typed answer)

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