When a firm receives a plant asset as a donation, what account should be credited?

Name: When a firm receives a plant asset as a donation, what account should be credited?
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Question

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When a firm receives a plant asset as a donation, the account that should be credited is Contributed capital. This is because the value of the donated plant asset becomes part of the company's equity, which is represented by Contributed capital on the balance sheet.

When a Firm Receives a Plant Asset as a Donation