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Prepare the journal entry for the two transactions

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Question - The city of Kamen maintains a collection of paintings of a former citizen in its city hall building. During the year, one painting was purchased by the city for $2,ooo at an auction using appropriated funds in the general fund. Also during the year, a donation of a painting valued at $3,ooo was made to the city.

Prepare the journal entry for the two transactions for the purposes of preparing the fund based financial statements.

Reference no: EM132027510

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