A citizen of York purchased a truck in 20X3 for $50,000. On June 10, 20X9, she donated the truck to York. The fair value of the truck on the date of donation was $30,000. How should York report the truck in its governmentwide Statement of Net Position?

A. Machinery and equipment should be decreased $20,000.

B. Machinery and equipment should be increased $30,000.

C. Machinery and equipment should be increased $50,000.

D. No asset should be reported because no expenditures were made to acquire the truck.

Question

A citizen of York purchased a truck in 20X3 for $50,000. On June 10, 20X9, she donated the truck to York. The fair value of the truck on the date of donation was $30,000. How should York report the truck in its governmentwide Statement of Net Position?

A. Machinery and equipment should be decreased $20,000.

B. Machinery and equipment should be increased $30,000.

C. Machinery and equipment should be increased $50,000.

D. No asset should be reported because no expenditures were made to acquire the truck.

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A citizen of York purchased a truck in 20X3 for $50,000. On June 10, 20X9, she donated the truck to York. The fair value of

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