Question
In: Accounting
On January 1, the Voluntary Action Agency received a cash contribution of $325,000 restricted to the...
On January 1, the Voluntary Action Agency received a cash contribution of $325,000 restricted to the purchase of buses to be used in transporting senior citizens. On January 2 of that same year, buses were purchased with the $325,000 cash. The buses are expected to be used for five years and have no salvage value at the end of that time.
2. Record the journal entries on January 1, January 2, and December 31 for the receipt of cash, the purchase of buses, and one year’s depreciation, assuming that plant assets purchased with restricted resources are recorded as temporarily restricted assets at the time of purchase and reclassified in accord with the depreciation schedule.
Solutions
Expert Solution
Asset acquisition with restriction:
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First of all, Journal entries for receipt of cash and acquisition of buses are recorded.
At the end of the year, depreciation is recorded and reclassification of temporarily restricted assets is recorded with the amount of depreciation.
ekkarill92 answered 2 years agoRelated Solutions
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