On January 1, 20X1, the city government of Faraway donated property to Amazing, Inc., in return for
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On January 1, 20X1, the city government of Faraway donated property to Amazing, Inc., in return for the commitment from the company that it would build a manufacturing plant on the site and employ residents of the city in the plant. Information on the donated land appears below.
Cost of the land paid by Faraway = $1,000,000
Fair value of the land at time of donation = $1,865,000
What is the donation revenue recognized by Amazing, Inc.?
Related Book For
Modern Advanced Accounting In Canada
ISBN: 9781259066481
7th Edition
Authors: Hilton Murray, Herauf Darrell
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