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goji.go goji.go
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Posts: 5977
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9 years ago
A fire destroyed one of Government A's fire stations, which had a net book value of $635,000. The government received an insurance settlement of $400,000 in the same fiscal year the fire had occurred. Which of the following best describes the external financial reporting in the year of the fire?
A.   A special item in the amount of $635,000 should be reported in government-wide financial statements only.
B.   A loss of $235,000 should be reported in the government-wide financial statements only.
C.   A loss of $235,000 should be reported in both the General Fund and the government-wide financial statements.
D.   A special item of $235,000 should be reported in the government-wide financial statements only.
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Diesel
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Answer accepted by topic starter
f_zah1f_zah1
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#1
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9 years ago
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goji.go Author
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#2
9 years ago
Thanks so much f_zah1.

You were correct Smiling Face with Open Mouth
Diesel
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#3
9 years ago
You're very welcome!
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#4
3 years ago
Thank you
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