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Power Industries donates an office building to the city of Houston. The building cost $500,000, has accumulated depreciation of $200,000, and has a fair value

Power Industries donates an office building to the city of Houston. The building cost $500,000, has accumulated depreciation of $200,000, and has a fair value of $400,000. When recording this disposal, what amounts will be recorded as contribution expense and as gain or loss on disposal? Group of answer choices Contribution Expense: $500,000; Loss on Disposal: $100,000 Contribution Expense: $400,000; Loss on Disposal: $400,000 Contribution Expense: $400,000; Gain on Disposal: $100,000 Contribution Expense: $300,000; No Gain or Loss on Disposal

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