c. Early in the year, a citizen donated to the city land appraised at $100,000. She submitted plans for a new library and agreed to cover the total cost of construction, paying the company directly as...

c. Early in the year, a citizen donated to the city land appraised at $100,000. She submitted plans for a new library and agreed to cover the total cost of construction, paying the company directly as work proceeded. At year-end, the building was two-thirds finished, with costs to date of $300,000. The expenditures are recorded in a capital projects fund.