Ms. Wiley's estate donated land with a fair value of $600,000 and subject to a mortgage of
Question:
Ms. Wiley's estate donated land with a fair value of $600,000 and subject to a mortgage of $320,000 to Saint Joseph Hospital without any restriction. Which of the following entries should the St. Joseph Hospital make to record this donation?
Transcribed Image Text:
a. Land Mortgage payable Revenues without donor restrictions b. Land Mortgage payable Revenues with donor restrictions c. Land Revenues with donor restrictions d. Land Net assets Contributions $600,000 $600,000 $280,000 $600,000 $320,000 280,000 $320,000 280,000 $280,000 $320,000 280,000
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Related Book For
Government And Not For Profit Accounting Concepts And Practices
ISBN: 9781119803898
9th Edition
Authors: Michael H. Granof, Saleha B. Khumawala, Thad D. Calabrese
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