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    goldenslumber's Avatar
    goldenslumber Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Nov 5, 2009, 03:18 AM
    Donated property
    How do I record the receipt of a donated vehicle?
    hamzashakaa's Avatar
    hamzashakaa Posts: 161, Reputation: 8
    Junior Member
    		  
    #2

    Nov 5, 2009, 04:54 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
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