Abu-Abu Cow Co. Received a machine from a donation. The machine was originally acquired by the donor for 1,000,000 and had a carrying amount of 280,000 in the donors books at the time of donation. The machine has a second hand value of 320,000. There are no conditions attached to the donation. Requirements: Provide the entries assuming the donor is a shareholder of Abu-Abu Cow and an unrelated party.
Abu-Abu Cow Co. Received a machine from a donation. The machine was originally acquired by the donor for 1,000,000 and had a carrying amount of 280,000 in the donors books at the time of donation. The machine has a second hand value of 320,000. There are no conditions attached to the donation. Requirements: Provide the entries assuming the donor is a shareholder of Abu-Abu Cow and an unrelated party.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Abu-Abu Cow Co. Received a machine from a donation. The machine was originally acquired by the donor for 1,000,000 and had a carrying amount of 280,000 in the donors books at the time of donation. The machine has a second hand value of 320,000. There are no conditions attached to the donation.
Requirements: Provide the entries assuming the donor is a shareholder of Abu-Abu Cow and an unrelated party.
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