Buana Fide Is a Local Charity Which Received the Following

question 42

Essay

Buana Fide is a local charity which received the following donations during 2020:
 A local radio station donated air time valued at $20,000. If the air time had not been donated, Buana Fide would have purchased it and used it for advertising a fundraising event and silent auction.
 An anonymous donor donated land with a fair value of $50,000 as well as machinery valued at $4,000.
 During a recent fund-raising campaign, volunteers spent roughly 1,000 hours soliciting donations from the public. The minimum hourly wage rate in Buana Fide's main area of operation is $8.00 per hour.
Prepare the necessary journal entries to record these transactions assuming that the deferral method of accounting for contributions is used. Note: if a journal entry is not needed, state your reason.

---

Definitions:

Micturition

The process of urination or the act of emptying the bladder.

Tubular Secretion

Tubular secretion is a process in the kidneys where certain substances are moved from the blood into the urine.

Glomerular Filtration

The process in the kidneys where fluid and small molecules are filtered from the blood to form urine.

Diabetes Insipidus

A rare disorder characterized by intense thirst and the excretion of large amounts of urine, caused by a deficiency of the antidiuretic hormone or the kidney's response to it.