Direct entry, no explanation required Weber State University received a gift of land and building as an inducement to move part of its main campus to downtown Ogden. The land and buildings have fair values of $42,000 and $425,000. Required: Prepare journal entries to record the above transactions. Record the entry on receiving a gift of Land and Building.
Direct entry, no explanation required Weber State University received a gift of land and building as an inducement to move part of its main campus to downtown Ogden. The land and buildings have fair values of $42,000 and $425,000. Required: Prepare journal entries to record the above transactions. Record the entry on receiving a gift of Land and Building.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Direct entry, no explanation required
Weber State University received a gift of land and building as an inducement to move part of its main campus to downtown Ogden.
The land and buildings have fair values of $42,000 and $425,000.
Required: Prepare
Record the entry on receiving a gift of Land and Building.
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