On January, 2020 a donation was made from a Johnson Corporation for the amount of $2...

 

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On January, 2020 a donation was made from a Johnson Corporation for the amount of $2 million dollars. Smith Corp. indicated that the government can only spend any investment revenue from the donation to help support the initiative of repaying a loan the government took earlier. At end of 2016, the government made $200,000 in revenue from the donation it received from Johnson Corp., and it received it in cash and made a payment of $150,000 from the revenue towards the purpose the donation was intended for. Complete all related transaction(s), Make sure that you have the fund recorded clearly (6 Points) On January, 2020 a donation was made from a Johnson Corporation for the amount of $2 million dollars. Smith Corp. indicated that the government can only spend any investment revenue from the donation to help support the initiative of repaying a loan the government took earlier. At end of 2016, the government made $200,000 in revenue from the donation it received from Johnson Corp., and it received it in cash and made a payment of $150,000 from the revenue towards the purpose the donation was intended for. Complete all related transaction(s), Make sure that you have the fund recorded clearly (6 Points)

Answer rating: 100% (QA)

The related transactions January 2020 Dr Cash 2000000 Cr Donatio... View the full answer