On January 1, 2013, the YWCA receives a donated building with a fair market value of $30,000,000. The donor specifies that the building is to be used to house international families until they obtain permanent housing. The YWCA estimates that the building has a remaining useful life of 25 years, uses straight-line depreciation, and is a calendar year organization?
Required
Prepare the journal entries necessary in 2013 and 2014 to account for this donation and subsequent depreciation. If the entry affects net assets, indicate which category of net assets is affected.