please discuss/answer both teams questions

l Verizon 6:44 PM Financial-Accounting-Theory-A.... Case ROOM FO DEBATE Debate 9-2 Donated Assets Under current U.S. GAAP, assets that have been donated to a company are recorded at fair value. Team Debate: Team I: Argue that donated assets should not be reported in a company's balance sheet. Base your arguments on the conceptual framework. You might find the historical cost principle useful in your discussion. Team 2: Argue in favor of the current GAAP treatment for donated assets. Base your arguments on the conceptual framework, where appropriate