Question
A not-for-profit Art Museum that has elected not to capitalized its art collection receives a donation of a rare piece of Tlinket Indian art. The
A not-for-profit Art Museum that has elected not to capitalized its art collection receives a donation of a rare piece of Tlinket Indian art. The donor paid $8,000 for the piece several years ago. Today the piece has an estimated fair value of $50,000. What entry should the Art Museum make upon receipt of this donation?
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Forensic And Investigative Accounting
Authors: Crumbley D. Larry, Fenton Edmund D., Jr. Smith G. Stevenson
9th Edition
0808053221, 9780808053224
