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5 pts Montgomery Biscuits, Inc. received timberland with a fair market value of $120,000 as a donation The timberland is not considered to be part
5 pts Montgomery Biscuits, Inc. received timberland with a fair market value of $120,000 as a donation The timberland is not considered to be part of the company's ongoing operations. Which of the following should be included in the journal entry to record the donation? $120,000 CR Revenue $120,000 CR Gain $120,000 CR Timberland $120,000 CR Cash No journal entry is necessary
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