Ms. Wiley's estate donated land with a fair value of $600,000 and subject to a mortgage of

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Ms. Wiley's estate donated land with a fair value of $600,000 and subject to a mortgage of $320,000 to Saint Joseph Hospital without any restriction. Which of the following entries should the St. Joseph Hospital make to record this donation?

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Government And Not For Profit Accounting Concepts And Practices

ISBN: 9781119803898

9th Edition

Authors: Michael H. Granof, Saleha B. Khumawala, Thad D. Calabrese

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Question Posted: Oct 28, 2022 03:54 AM

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Ms. Wiley's estate donated land with a fair value of $600,000 and subject to a mortgage of

Question:

a. Land Mortgage payable Revenues without donor restrictions b. Land Mortgage payable Revenues with donor restrictions c. Land Revenues with donor restrictions d. Land Net assets Contributions $600,000 $600,000 $280,000 $600,000 $320,000 280,000 $320,000 280,000 $280,000 $320,000 280,000

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Government And Not For Profit Accounting Concepts And Practices

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