A family donated land to a corporation. The land has an appraisal value of $300,000. The corporation’s journal entry to record the land donation should include a: Credit to “Gain on Receipt of Donated Property” for $300,000. Credit to “Sales Revenue” for $300,000. Credit to “Land” for $300,000. Credit to “Common Stock” for $300,000. Credit to “Note Payable” for $300,000.

A family donated land to a corporation. The land has an appraisal value of $300,000. The corporation’s journal entry to record the land donation should include a: Credit to “Gain on Receipt of Donated Property” for $300,000. Credit to “Sales Revenue” for $300,000. Credit to “Land” for $300,000. Credit to “Common Stock” for $300,000. Credit to “Note Payable” for $300,000.

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter28: Income Taxation Of Trusts And Estates

Section: Chapter Questions

Problem 16CE

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