A wealthy alumnus donated land to be used for a new arts and sciences building at the local state university. The land has a fair market value of $250,000. The donor purchased the land ten years ago at a cost of $75,000. The entry to record the receipt of the donation would be $\quad $ $\quad $ $\quad $ $\quad $ $\quad $ $\quad $ $\quad $ $\quad $ $\quad $ $\quad $$\begin{array}{lrr}
&\text { Debit } & \text { Credit }
\end{array}$

Question

A wealthy alumnus donated land to be used for a new arts and sciences building at the local state university. The land has a fair market value of $250,000. The donor purchased the land ten years ago at a cost of $75,000. The entry to record the receipt of the donation would be  $\quad $ $\quad $ $\quad $ $\quad $ $\quad $ $\quad $ $\quad $ $\quad $ $\quad $ $\quad $$\begin{array}{lrr}
&\text { Debit } & \text { Credit }
\end{array}$

Quizplus · Accepted Answer

The Answer of A wealthy alumnus donated land to be used for a new arts and sciences building at the local state university. The land has a fair market value of $250,000. The donor purchased the land ten years ago at a cost of $75,000. The entry to record the receipt of the donation would be  $\quad $ $\quad $ $\quad $ $\quad $ $\quad $ $\quad $ $\quad $ $\quad $ $\quad $ $\quad $$\begin{array}{lrr}
&\text { Debit } & \text { Credit }
\end{array}$

A Wealthy Alumnus Donated Land to Be Used for a New