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Discuss the general fund on a modified accrual basis

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Several years earlier the town received a donation of a parcel of land, upon which it expected to build. During fiscal 2015 it opted to sell the land for $135. When acquired by the town, the land had a market value of $119. The town sold the land in 2015 and received $135 cash.

Required: Prepare summary journal entries to record the transactions above for the general fund on a modified accrual basis. Base your entries on generally accepted accounting principles now in effect.

Reference no: EM131757292

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