Question

An NFPO had the following transactions and events. Prepare journal entries to record these trans-actions and events, based on the assumption that the NFPO uses a single account to record all unrealized and realized investment gains and losses. Then, prepare journal entries for events 2 and 3, based on the assumption that the NFPO separates unrealized from realized investment gains and losses.
1. On July 15, 2012, an NFPO received a donation of Google stock that had a fair value of $ 75,000 at the time of the donation. The donor told the NFPO that the stock could be sold and used only to finance a particular research project.
2. On December 31, 2012, when the NFPO closed its books, the stock had a fair value of $ 76,500.
3. On February 15, 2013, the NFPO sold the stock for $ 76,000.
4. On March 15, 2013, the NFPO spent the entire $ 76,000 on the research project for which the donor made the gift.



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  • CreatedDecember 30, 2014
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