A donor gave equipment valued at $60,000 at the beginning of 2017 to a private not-for-profit organization. The equipment had a 10-year life and depreciation of $6,000 was charged during 2017. At the end of the year, the net assets to be reported in unrestricted net assets related to this equipment would be:

Question

Quizplus · Accepted Answer

With the exception of collections, fixed assets may be recorded as either temporarily restricted or unrestricted, depending on the policy of the organization. This is true both when an asset is acquired with temporarily restricted resources and when it is acquired with restricted resources.

A Donor Gave Equipment Valued at $60,000 at the Beginning