A City Is the Recipient of a Cash Bequest of $500,000

Multiple Choice

A city is the recipient of a cash bequest of $500,000 that must be used to plant flowers and shrubs in the city parks. During the year only $200,000 is actually received from the bequest and $150,000 is spent on shrubs. The amount that should be recognized as revenue by the city in its government-wide financial statements in the current year is

A) $-0-.
B) $150,000.
C) $200,000.
D) $500,000.