Question
A county government demands vacant land from the city to construct an airport exercising the right of eminent domain. The city is required by state
A county government demands vacant land from the city to construct an airport exercising the right of “eminent domain." The city is required by state law to forfeit the land for a price of $10,000,000 which is its current fair value. The city bought the land for $8,000,000. This is considered an unusual and infrequent event for the city. Prepare the city's entry in the General Fund.
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Citys journal entry in the General Fund Partic...
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Managerial Economics Theory Applications and Cases
Authors: Bruce Allen, Keith Weigelt, Neil A. Doherty, Edwin Mansfield
8th edition
978-0393124491, 393124495, 978-0039391277, 393912779, 978-0393912777
