Donated land and buildings would normally be credited to a contributed capital account at their fair market values.

Question

Quizplus · Accepted Answer

Donated land and buildings are considered non-monetary assets and, as such, are recorded at their fair market values at the time of donation. The credit entry is typically made to a contributed capital account or a related account in the equity section of the balance sheet.

Donated Land and Buildings Would Normally Be Credited to a Contributed