Buana Fide Is a Local Charity Which Received the Following

question 20

Essay

Buana Fide is a local charity which received the following donations during 2013: • 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. • 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 spend 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.

---

Definitions:

Tuskegee Institute

A historically black college in Alabama established by Booker T. Washington to provide African Americans with educational and vocational training.

Vocational Education

Educational training that provides practical experience and skills for a specific occupation or trade.

Stop Lynching

A call to action aimed at ending the practice of lynching, violence, or extrajudicial killings often motivated by racial prejudice, primarily in the United States.