carlicus6019 carlicus6019

28-04-2024
Business

Answered

At the beginning of the year, a private not-for-profit museum receives a donation of equity securities valued at 5,000,000. The donor specifies that the securities be held in perpetuity, and realized and unrealized income be used to purchase paintings from prominent local artists. The securities have a fair value of 4,950,000 at the end of the year. How is the decline in value of the securities reported on the museum's statement of activities?
1) Reduction in net assets with donor restrictions
2) Not reported; only appears on the statement of financial position
3) Reduction in net assets without donor restrictions
4) Not reported; only increases in value are reported on the statement of activities

Answer :

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