The President of Christmas Corporation Donated a Building to Tuesday

question 78

Multiple Choice

The president of Christmas Corporation donated a building to Tuesday Corporation. The building had an original cost of $675,000, a book value of $255,000, and a fair market value of $475,000. The journal entry by Tuesday Corporation to record this donation will include a

• A) debit Building for $255,000 and credit Gain for $255,000.
• B) debit Building for $475,000 and credit Gain for $200,000.
• C) debit Building for $475,000 and credit Gain for $475,000.
• D) debit Building for $675,000 and credit Gain for $200,000.

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Definitions:

Multiculturalism

Involves pluralism and respect for diversity.

Design For Disassembly

A product design approach that considers the future need to disassemble the product for repair, recycling, or disposal.

Product Life

The cycle that a product goes through from introduction to the market through to its eventual decline and discontinuation.

Component Parts

Individual pieces or elements that, when combined, form a complete system or machine.