The president of Christmas Corporation donated a building to Tuesday Corporation. The building had an original cost of $675,000, a book value of $255,000, and a fair market value of $475,000. To record this donation, Tuesday will
A) make a memorandum entry
B) debit Building for $255,000 and credit Gain for $255,000
C) debit Building for $475,000 and credit Gain for $475,000
D) debit Building for $675,000 and credit Gain for $675,000
Correct Answer:
Verified
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