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Record the estimated impairment loss in the journal

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Problem - The city received a donation of land that is to be used by Parks and Recreation to develop a public park. At the time of the donation, the land had an acquisition value of $4,600,000 and was recorded on the donor's books at a historical cost of $3,800,000.

Required -

Should the estimated impairment loss be reported as an extraordinary item? Explain.

Record the estimated impairment loss in the journal for governmental activities at the government-wide level.

How should the insurance recovery be reported in the following fiscal year?

Reference no: EM132464819

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