A Capital Asset (Equipment) with a Fair Value of $1,500,000

question 52

Essay

A capital asset (equipment) with a fair value of $1,500,000 and land with a fair value of $2,000,000 is donated to a not-for-profit organization on January 1, 2020. The equipment has a ten year useful life. The organization will use the equipment in its operations. The NFPO has a December 31 year end.
Prepare the journal entries (including amortization) if the organization uses the:
a) the deferral method for contributions.
b) the restricted fund method with a capital fund.

Recognize the importance of the salesperson's knowledge about the prospect and product in delivering effective presentations.

Understand strategies for effective sales negotiation and group sales presentations.

Understand the modifications required in the selling process when selling to a group.

Recognize the importance of competitive positioning during sales presentations.

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Definitions:

Extended Periods

Lengthy durations of time, often longer than normal or expected.

Feelings Of Guilt

Emotional experiences that arise from the belief that one has done something wrong or failed to do something right.

Occasional Eating Binges

The act of consuming an excessive amount of food in a short period of time, typically not as a regular habit.

Bulimia

An eating disorder marked by periods of binge eating followed by inappropriate methods to avoid weight gain, such as vomiting.