000, accumulated depreciation to the contribution date of $37,000, and a fair value of $24,000.
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Monty Corporation donates equipment and a truck to the community Home Assistance Centre. The equipment had a cost of $93,000,
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- Utica Corporation paid 360,000 to purchase land and a building. An appraisal showed that the land is worth 100,000 and the building is worth 300,000. What cost should Utica assign to the land and to the building, respectively?On January 1, 20X1, the city government of Faraway donated property to Amazing, Inc., in return for the commitment from the company that it would build a manufacturing plant on the site and employ residents of the city in the plant. Information on the donated land appears below. Cost of the land paid by Faraway = $1,000,000 Fair valiue of the land at time of donation = $1,865,000 What is the donation revenue recognized by Amazing, Inc.?The president of Christmas Corporation donated a building to Tuesday Corporation. The building had an original cost of $675,000, a book value of $255,000, and a fair market value of $475,000. The journal entry by Tuesday Corporation to record this donation will include a debit Building for $255,000 and credit Gain for $255,000. debit Building for $675,000 and credit Gain for $200,000. debit Building for $475,000 and credit Gain for $200,000. debit Building for $475,000 and credit Gain for $475,000.
- The president of ACCO 202 Corporation donated a building to Ana G. Méndez Corporation. The building had an original cost of $200,000, a book value of $75,000, and a fair market value of $180,000. To record this donation, Ana G. Méndez would a. Make a memorandum entry b. Debit Building for $75,000 and credit Gain for $75,000 c. Debit Building for $200,000 and credit Gain for $200,000 d. Debit Building for $180,000 and credit Gain for $180,000During the year, a local merchant donated a building to the city of Stage Coach. The original cost of the building was $300,000. Accumulated depreciation at the date of the gift amounted to $250,000. The acquisition value of the donation at the date of the gift was $600,000. At what amount should Stage Coach record this donated property in the General Fund? Multiple Choice $600,000. $50,000. $0. $300,000.Apex, Inc., donated a computer to Bird Shelter, a voluntary welfare organization. The computer cost Apex $40,000. On the date of donation, it had a book value of $25,000 and a fair value of $20,000. Bird Shelter’s depreciation expense should be based on a. $40,000. b. $25,000. c. $20,000. d. $15,000.
- On January 1, 2022, ABC Organization, a non-profit private organization, received the gift of a building costing to the donor P3,000,000 and the fair value at date of donation was P5,000,000. The building has an estimated remaining useful life of ten years with no salvage value. Under the agreement with the donor, the building cannot be sold by the organization for five years. How much is the depreciation expense for 2022?John’s uncle donated a truck to his company, John’s Corporation. The truck had an original cost of $95,000, a book value of $40,000, and a fair value of $55,000. The journal entry by John’s Corporation to record this donated asset will include a a. debit Truck for $60,000 and credit Gain for $20,000. b. debit Truck for $55,000 and credit Gain for $55,000. c. debit Truck for $95,000 and credit Gain for $95,000. d. debit Truck for $60,000 and credit Gain for $60,000.Maple Corp. owns several pieces of highly valued paintings that are on display in the corporation's headquarters. This year, it donated one of the paintings valued at $100,000 (adjusted basis of $25,000) to a local museum for the museum to display. b. What would be Maple's deduction if the museum sold the painting one month after it received it from Maple? Charitable contribution deduction
- The company has recieved a donation of land from a rich local philanhropist. the land originally cost the philanhropist $48,000. on the date of the donation, it had a market value of $111,000. Make the journal entry necessary on the book of the company to record the receipt of the landMaple Corp. owns several pieces of highly valued paintings that are on display in the corporation's headquarters. This year, it donated one of the paintings valued at $100,000 (adjusted basis of $25,000) to a local museum for the museum to display. a. What is the amount of Maple Corp.'s charitable contribution deduction for the painting (assuming income limitations do not apply)? Charitable contribution deductionFor the following transactions, prepare the entries that would be recorded in the general fixed assets account group for the city of Evert.a. The city purchased property costing $1,300,000, with three-fourths of the cost allocated to a building.b. A mansion belonging to the great-granddaughter of the city’s founder was donated to the city. The land cost the original owner $600, and the house was built for an additional $50,000. At the time of donation, the property had an estimated fair value of $550,000, of which $330,000 was allocable to the land. The property was accepted and is to be used as a park and a museum.c. A central fire station, financed by general obligation bonds, was two-thirds complete at yearend with costs to date of $800,000 that were recorded in the capital project fund.d. A new fire engine was purchased for $165,000. The city traded a used fire engine originally purchased for $100,000. The trade-in value was $25,000. Both engines were purchased from general…
