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E13.10 Donated Long-Lived Assets Angel Flights provides transportation to medical facilities for special needs children. At the...

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Accounting

E13.10 Donated Long-Lived Assets

Angel Flights provides transportation to medical facilities forspecial needs children. At the beginning of the year, a donor gaveAngel Flights a new airport facility, with a fair value of $5million, to house its aircraft. The donor specified that thefacility must be used by Angel Flights for at least five years. Thefacility has a useful life of 25 years.

Required

Prepare journal entries to record the events described for thecurrent year. If an account affects net assets, indicate whichcategory of net assets is affected.

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4.1 Ratings (675 Votes)
We first have to know if the organization receiving the donation is a forprofit company or a nonprofit company as the problem doesnt especify it i will give you the journal entries in both cases its algo good to know that the donations are recorded with their    See Answer
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