A donor gives computer equipment to a public university. The donor paid $100,000 for the computer equipment, and the equipment has a fair value of $90,000 at the time of the donation. How will the university record the donation?

Select one:

a. Debit equipment $90,000; credit in-kind contribution revenue $90,000

b. No journal entry would be recorded

c. Debit equipment $100,000; credit in-kind contribution revenue $100,000

d. Debit equipment $90,000; debit loss on equipment $10,000; credit in-kind contribution revenue $100,000