The City of Ibiza Maintains a Collection of Paintings of a Former

Essay

The City of Ibiza 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 $3,000 at an auction using appropriated funds in the General Fund. Also during the year, a donation of a painting valued at $3,600 was made to the city.Prepare the journal entry/entries for the two transactions for the purposes of preparing the governmental fund financial statements.