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12. (6 points) In addition to the volunteer time described above, the following volunteer services were provided during the year: a. A CPA compiled the
12. (6 points) In addition to the volunteer time described above, the following volunteer services were provided during the year: a. A CPA compiled the Church's year-end financial statements at no cost to the organization. The CPA would typically bill $12,000 for this service. b. A professional landscaper maintained the exterior landscaping, including parking lot snow removal. The landscaper chose not to charge the organization for the services provided. This type of service would typically cost $15,000. c. A construction contractor has worked with an architect to design and prepare the blueprints of the new education building. The contractor has generously donated the time and cost of doing so. The contractor would typically charge $50,000 for this type of work. Discuss how these activities would be reflected in the financial statements. Prepare journal entries if necessary
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