On December 30, 2018, Ethnic Museum, a not-for-profit organlzation, recelved a P3,000,000 donation of AB Co. shares with donor stipulated requirement as follows: Shares valued at P1,800,000 are to be sold, with the proceeds used to buld a viewing bullding in 2018. Shares valued at P1,200,000 are to be retained with the dividends used to support current operations: As a consequence of the receipt of the AB shares, how much should Ethnic Museum reports as temporarily restricted net assets on its 2018 statement of financial position?
On December 30, 2018, Ethnic Museum, a not-for-profit organlzation, recelved a P3,000,000 donation of AB Co. shares with donor stipulated requirement as follows: Shares valued at P1,800,000 are to be sold, with the proceeds used to buld a viewing bullding in 2018. Shares valued at P1,200,000 are to be retained with the dividends used to support current operations: As a consequence of the receipt of the AB shares, how much should Ethnic Museum reports as temporarily restricted net assets on its 2018 statement of financial position?
Chapter16: Accounting Periods And Methods
Section: Chapter Questions
Problem 15DQ
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