A citizen of York purchased a truck in 20X3 for $50,000. On June 10, 20X9, she donated the truck to York. The fair value of the truck on the date of donation was $30,000. How should York report the truck in its government-wide Statement of Net Assets?
A. Machinery and equipment should be increased $30,000.
B. Machinery and equipment should be decreased $20,000.
C. No asset should be reported because no expenditures were made to acquire the truck.
D. Machinery and equipment should be increased $50,000.
Answer: A
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