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Bogart Organization, a non-profit entity, received the following donations during 20x1: Land with fair value of 40,000,000 to be sold to acquire a bus.
Bogart Organization, a non-profit entity, received the following donations during 20x1: Land with fair value of 40,000,000 to be sold to acquire a bus. Shares of stock with fair value of 12,000,000 to be retained indefinitely. The dividends from the shares will be used to support current operations. As a result of the donations above, how much should Bogart report as increase in temporarily restricted net assets?
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Advanced Financial Accounting
Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker
10th edition
78025621, 978-0078025624
