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goldenslumber
Nov 5, 2009, 02:18 AM
How do I record the receipt of a donated vehicle?
hamzashakaa
Nov 5, 2009, 03:54 AM
I'm supposing that you are a for - profit organization.
The donated vehicle should be recorded at fair value at the date of the donation and should be reflected in the income statement according to FAS 16 as follows:
Dr. Vehicle
Cr. Revenue - Donations