On January 1, Year 2, several supporters of the organization spent their own money to construct a

Question:

On January 1, Year 2, several supporters of the organization spent their own money to construct a garage for its vehicles that is worth $70,000. It should last for 10 years and will have no although no time restriction was assumed. The organization increased its contributions within the un-restricted net assets for $70,000 and increased its expenses within unrestricted net assets for $70,000.
(a) What was the correct amount of unrestricted net assets at the end of Year 2?
(b) What was the correct amount of total assets at the end of Year 2?
(c) What was the correct amount of expenses for Year 2?

Salvage Value
Salvage value is the estimated book value of an asset after depreciation is complete, based on what a company expects to receive in exchange for the asset at the end of its useful life. As such, an asset’s estimated salvage value is an important...