On January 1, 2020, the City of Graf pays $63,000 for a work of art to display in the local library. The city will take appropriate measures to protect and preserve the piece. However, if the work is ever sold, the money received will go into unrestricted funds. Officials view the work as inexhaustible, but they have opted to depreciate the cost over 15 years (using the straight-line method). a. How is this work reported on government-wide financial statements for the year ended December 31, 2020? b. How is this work reported in fund financial statements for the governmental funds for the year ended December 31, 2020? Journal entry worksheet Record payment made for display of artwork. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2020 Record entry Clear entry View general journal Journal entry worksheet Record depreciation expense. Note: Enter debits before credits. General Journal Debit Credit Date December 31, 2020 Record entry Clear entry View general journal