On January 1, 2020, the City of Graf pays $92,500 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 25 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? Complete this question by entering your answers in the tabs below. Required A Required B How is this work reported on government-wide financial statements for the year ended December 31, 2020? (If no entry is requ transaction/event, select "No journal entry required" in the first account field.) Required A Required B How is this work reported on government-wide financial statements for the year ended December 31, 2020? (If no entry is rec transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 January 01, 2020 No journal entry required 0 2 December 31, 2020 Museum pieceartwork 92,500 Cash 92,500 3,700 Depreciation expense Accumulated depreciation 3,700 Required A Required B How is this work reported in fund financial statements for the governmental funds for the year ended December 31, 2020? (If entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 January 01, 2020 No journal entry required 0 2 December 31, 2020 Expendituresartwork 92,500 Cash 92,500