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The town of Boone donated land to PB Scott Enterprises which plans to build a music venue on it . If the land was donated
The town of Boone donated land to PB Scott Enterprises which plans to build a music venue on it If the land was donated without condition, how should PB Scott record the donation?
Contribution revenue is recognized for the town of Boone's book value for the land.
Land is debited for the fair market value of the land.
Contribution revenue is recognized for the direct and indirect costs incurred in procuring the donation.
Land is debited for $ since no payment was made but the land should be reported on the balance sheet.
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