Question
Jacobs Inc. is renovating its corporate headquarters and its new dcor does not allow it to showcase its art that hung on the walls before
Jacobs Inc. is renovating its corporate headquarters and its new dcor does not allow it to showcase its art that hung on the walls before the renovation. Jacobs has decided to donate its art collection to local organizations. In the current year it gives a Remington to the Denver Museum of Art and a Renoir to Porter Hospital. The hospital intends to sell the Renoir and use the proceeds to purchase equipment. Jacob Inc. had purchased the Remington for $600,000 about 15 years ago and the Renoir for $2,000,000 at about the same time. At the time of the gift, the Remington was appraised for $5,000,000 and the Renoir for $25,000,000. What is the amount of Jacobs Inc.'s total charitable contribution in the current year? [Please do not enter a dollar sign or comma in your answer.]
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