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.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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 journal entries to record the above transactions.

 

Record the entry on receiving a gift of Land and Building.

 

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