monprofit organization, on January 15, 2021. The fair value of the investmer $200,000 at the date of the gift. The donor restricts the use of the gift for re on TMJ surgical treatments. By March 31, 2021, the investment value has gr $226,000. On May 3, 2021 the Foundation sells the investments for $215,0 June 30, 2021, the Foundation had spent $175,000 on research related to T surgical treatments.
monprofit organization, on January 15, 2021. The fair value of the investmer $200,000 at the date of the gift. The donor restricts the use of the gift for re on TMJ surgical treatments. By March 31, 2021, the investment value has gr $226,000. On May 3, 2021 the Foundation sells the investments for $215,0 June 30, 2021, the Foundation had spent $175,000 on research related to T surgical treatments.
Chapter17: Corporations: Introduction And Operating Rules
Section: Chapter Questions
Problem 39P
Related questions
Question
Transcribed Image Text:A donor gives investments to Juarez Foundation for the Treatment of TMJ, a
nonprofit organization, on January 15, 2021. The fair value of the investments was
$200,000 at the date of the gift. The donor restricts the use of the gift for research
on TMJ surgical treatments. By March 31, 2021, the investment value has grown to
$226,000. On May 3, 2021 the Foundation sells the investments for $215,000. By
June 30, 2021, the Foundation had spent $175,000 on research related to TMJ
surgical treatments.
Record the following journal entries:
1. Donation on January 15, 2021.
2. Unrealized gain/loss on March 31, 2021.
3. Sale of investments on May 3, 2021.
4. Expenses for research on TMJ surgical treatments through June 30, 2021.
5. Satisfaction of donor restrictions on June 30, 2021.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you