Assume that on January $1,$ Year $2,$ several supporters of the entity spent their own time and money to construct a garage for the entity$$s vehicles. It was donated for free. The labor had a fair value of $$20,000,$ and the materials had a fair value of $$50,000.$ It was expected to last for $10$ years and have no residual value. On that day, the entity increased its contributed support under net assets without donor restrictions by $$70,000$ and increased its expenses under net assets without donor restrictions by the same amount. No further entry has ever been made.