Vaughn Corporation donates equipment and a truck to the community Home Assistance Centre. The equipment had a cost of $119,000, accumulated depreciation to the contribution date of $45,000, and a fair value of $61,000. The truck had a cost of $41,000, accumulated depreciation to the contribution date of $37,000, and a fair value of $33,000.

Prepare the journal entry Vaughn Corporation would make for the donation.

Answer rating: 100% (QA)

The journal entry to record the donation of equipmen... View the full answer