Tamarisk Corporation donates equipment and a truck to the community Home Assistance Centre. The equipment had...

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Tamarisk Corporation donates equipment and a truck to the community Home Assistance Centre. The equipment had a cost of $110,000, accumulated depreciation to the contribution date of $51,000, and a fair value of $61,000. The truck had a cost of $50,000, accumulated depreciation to the contribution date of $30,000, and a fair value of $33,000. Prepare the journal entry Tamarisk Corporation would make for the donation. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Accumulated Depreciation - Equipment Equipment Contribution Expense Debit Credit 51000 10000 Accumulated Depreciation - Automobiles 30000 Equipment Contribution Expense 20000 61000 50000 Tamarisk Corporation donates equipment and a truck to the community Home Assistance Centre. The equipment had a cost of $110,000, accumulated depreciation to the contribution date of $51,000, and a fair value of $61,000. The truck had a cost of $50,000, accumulated depreciation to the contribution date of $30,000, and a fair value of $33,000. Prepare the journal entry Tamarisk Corporation would make for the donation. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Accumulated Depreciation - Equipment Equipment Contribution Expense Debit Credit 51000 10000 Accumulated Depreciation - Automobiles 30000 Equipment Contribution Expense 20000 61000 50000

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The journal entry for the donation made by Tamarisk Corporation would be as follows Account Titles a... View the full answer