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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

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M948548

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