Translate MPSON VERSITY - moodle.tru.ca/mod/quiz/attempt.php?attempt-1930632&cmid=2139478&ped G Google 080-Guancen Li ONE.KPU KPU Courses Log... To Do Assignmen My Course - PSYC Dashboard My courses My Media Question 3 Answer saved Marked out of 14.00 Cuestion Question 3 (14 marks total) Time left 2:54:02 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 countries. a. A local radio station donated airtime valued at $20,000. If the airtime had not been donated, SSN would have The following donations were received during Year 5. (10 marks) 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 this, and also provide them the options regarding accounting for capital assets if they remain a small NFPO. Quiz navigat Instructions Questions 2 Final Steps Finish attempt *** p A- B I := EE I 0 C at U 9 # X2 x A T Ff E 1\1\ msi