The following services, with fair values indicated, were contributed to the Vero Beach Museum of Art, a private NFP organization:
Cost of repaving the parking lot, provided by a local paving company……….. $35,000
Community volunteers providing maintenance services……………………………. 7,000
Engineers and electricians working on major updates of facilities……………... 92,000
Legal and consulting services provided by lawyers and CPAs……………..………. 18,000
Local residents working as event coordinators……………..…………………………….. 2,000
Required
Prepare the journal entry or entries to record these donated services. If the account affects net assets, indicate which category of net assets is affected.

Question

Quizplus · Accepted Answer

The Answer of The following services, with fair values indicated, were contributed to the Vero Beach Museum of Art, a private NFP organization:
Cost of repaving the parking lot, provided by a local paving company……….. $35,000
Community volunteers providing maintenance services……………………………. 7,000
Engineers and electricians working on major updates of facilities……………... 92,000
Legal and consulting services provided by lawyers and CPAs……………..………. 18,000
Local residents working as event coordinators……………..…………………………….. 2,000
Required
Prepare the journal entry or entries to record these donated services. If the account affects net assets, indicate which category of net assets is affected.

The Following Services, with Fair Values Indicated, Were Contributed to the Vero