000, accumulated depreciation to the contribution date of $37,000, and a fair value of $24,000.

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Monty Corporation donates equipment and a truck to the community Home Assistance Centre. The equipment had a cost of $93,000, accumulated depreciation to the contribution date of $46,000, and a fair value of $46,000. The truck had a cost of $42,000, accumulated depreciation to the contribution date of $37,000, and a fair value of $24,000.

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

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Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation
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