Land valued at $400,000 and subject to a $150,000 mortgage was donated to Beaty Hospital without restriction as to use. Which of the following entries should Beaty make to record this donation?a. Land. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400,000 Mortgage Payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,000 Endowment Fund Balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250,000b. Land. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400,000 Mortgage Payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,000 Contributions—Unrestricted . . . . . . . . . . . . . . . . . . . . . . . . . . . 250,000c. Land. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400,000 Debt Fund Balance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,000 Endowment Fund Balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250,000d. Land. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400,000 Mortgage Payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,000 Unrestricted Fund Balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250,000
Land valued at $400,000 and subject to a $150,000 mortgage was donated to Beaty Hospital without restriction as to use. Which of the following entries should Beaty make to record this donation?
a. Land. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400,000
Mortgage Payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,000
Endowment Fund Balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250,000
b. Land. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400,000
Mortgage Payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,000
Contributions—Unrestricted . . . . . . . . . . . . . . . . . . . . . . . . . . . 250,000
c. Land. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400,000
Debt Fund Balance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,000
Endowment Fund Balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250,000
d. Land. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400,000
Mortgage Payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,000
Unrestricted Fund Balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250,000
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