The Aurora Fund received equipment having a cost of $65,000 and a fair value of $50,000 as a gift. The donor states that the Fund should decide how to best use the gift. How should the gift be reported in the Aurora Fund's financial statements?
A) As an asset measured at fair value and as revenues without donor restrictions
B) As an asset measured at fair value and as revenues with donor restrictions
C) As a footnote only, because gifts of equipment are not be reported on the face of financial
Statements
D) As an asset at the amount the donor paid for it and as revenue without donor restrictions
Correct Answer:
Verified
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