At the beginning of its fiscal year, a local government owned an investment with a historical cost of $85 and a fair value of $95.
At the beginning of its fiscal year, a local government owned an investment with a historical cost of $85 and a fair value of $95. During the year, dividends of $2 were received. At the end of the year, the investment had a fair value of $100. The amount that should be recognized on the governmental fund financial statements for the year as investment income is
- $-0-.
- $7.
- $15.
- $17.
Explanation to answer
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Authors: María Bastidas
1st Edition
6205248921, 978-6205248928
