oard My courses My Media You have recently been named the chief accountant for Stop Smog Now (SSN), a not-for-profit organization (NFPO) that provides pollution control devices for electricity-generating plants in developing cou Time left 2:56:49 The following donations were received during Year 5. (10 marks) a. A local radio station donated airtime valued at $20,000. If the airtime had not been donated, SSN would have purchased it and used it for advertising a fundraising event and silent auction. b. A person donated land with a fair value of $50,000. c. During a recent fund-raising campaign, volunteers spent roughly 1000 hours soliciting donations from the public. The minimum hourly wage rate in SSN's area of operation is $12.00 per hour. d. A capital asset (equipment) with a fair value of $1,500,000 is donated on January 1, Year 5. The equipment has a 10-year useful life and no residual value. The organization will use the equipment in its operations. The NFPO has a December 31 year end. Prepare all necessary journal entries to record these transactions, including any required year-end adjusting entries. SSN uses the deferral method of accounting for contributions. If a journal entry is not needed, state your reason. (4 marks) e. The SSN board is a bit confused on the question of whether they are a small or large NFPO. Advise them of the rule to determine shboard My courses My Ivic in its operations. The NFPO has a December 31 year enu. Prepare all necessary journal entries to record these transactions, including any required year-end adjusting entries. SSN us method of accounting for contributions. If a journal entry i state your reason. (4 marks) Time left 2:56:47 e. The SSN board is a bit confused on the question of whether they are a small or large NFPO. Advise them of the rule to determine this, and also provide them the options regarding accounting for capital assets if they remain a small NFPO. a. A-> B I E US X2 x Fr T: I C