Tuesday 30 October 2012

The president of Reindeer Corporation donated a building to Monday Corporation. The building had an original cost of $500,000, a book value of $175,000, and a fair market value of $250,000. To record this donation, Monday will Answer make a memorandum entry debit Building for $175,000 and credit Gain for $175,000 debit Building for $250,000 and credit Gain for $250,000 debit Building for $500,000 and credit Gain for $500,000

     The president of Reindeer Corporation donated a building to Monday Corporation. The building had an original cost of $500,000, a book value of $175,000, and a fair market value of $250,000. To record this donation, Monday will

Answer


make a memorandum entry


debit Building for $175,000 and credit Gain for $175,000


debit Building for $250,000 and credit Gain for $250,000


debit Building for $500,000 and credit Gain for $500,000



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