Dodd Village received a gift of a new fire engine from a local civic group. The fair value of this fire engine was $400,000. Which of the following is the correct entry to be made in the general fixed assets account group for this gift?
a. Memorandum entry only
b. General fund assets
c. Investment in general fixed assets
d. Machinery and equipment
Investment in general fixed assets from private gifts
10. The following information pertains to Spruce Citys liability for claims and judgments:
Current liability at January 1, 20X2
Claims paid during 20X2
Current liability at December 31, 20X2
Noncurrent liability at December 31, 20X2
What amount should Spruce report for 20X2 claims and judgment expenditures?