During the year, a wealthy local merchant donated a building to the City of Rosewood. The original cost of the building was $300,000. Accumulated depreciation at the date of the gift amounted to $250,000. The appraised fair market value of the donation at the date of the gift was $600,000, of which $40,000 was the value of the land on which the building was situated. Atwhat amount should this contribution be recorded in the governmental activities accounts at thegovernment-wide level?
a.$0.
b.$600,000.
c.$50,000.
d.$300,000.
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