Under FASB standards, which of the following contributions would not have to be reported as an asset on the statement of financial position of a not-for-profit organization?
A) Land was donated to the Friends of the Forest Society for conversion into a nature trail.
B) The original courthouse was donated to the Historical Preservation Society for conversion into a museum.
C) An art collector donated a famous oil painting to a local art museum for display in its exhibit hall.
D) A valuable coin collection was donated to the Youth for Conservation organization, which the organization plans to sell at current market prices.
Correct Answer:
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