Author Question: A not-for-profit organization received a significant fixed asset donation. The asset, a building ... (Read 104 times)

formula1 · **on:** Jul 5, 2018

A not-for-profit organization received a significant fixed asset donation. The asset, a building valued at 82,000, and one acre of land, valued at 210,000, will be used by the organization for office space and parking.

The donor's net book value of the building was 22,000 and of the land, 65,000 . The not-for-profit organization should record the assets at a total amount of:
a. 0
b. 87,000
c. 104,000
d. 147,000
e. 292,000

Question 2

Which side of the account increases the cash account?
a. credit
b. neither a debit or a credit
c. debit
d. either a debit or a credit