During the year, Dakota Universitys board of trustees established a $500,000 fund to be retained and invested
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Question:
During the year, Dakota University’s board of trustees established a $500,000 fund to be retained and invested for scholarship grants. The fund earned $30,000, which had not been distributed by December 31. What amount should Dakota report in a board-designated (quasi) endowment fund’s net position at December 31?
a) $0
b) $30,000
c) $500,000
d) $530,000
Please explain details and how to get it and why.
Related Book For
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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