A not for profit agricultural society received a gift on 1/1/14 of a tractor. The society plans to use it to cut grass in its 3000 acre demonstration agricultural farm. The gift had been purchased by the donor for $50,000 but had a fair value of $60,000 at the time of donation. The tractor is expected to last 10 more years. How should the donation be recorded by the society (which would be classified an “other-not-for-profit organization”?
A. Dr. Fixed Assets $50,000 Cr. Contributions – temporarily restricted $50,000 B. Dr. Fixed Assets $60,000 Cr. Contributions – temporarily restricted $60,000 C. Dr. Fixed Assets $50,000 Cr. Contributions – unrestricted $50,000
D. Dr. Fixed Assets $60,000 Cr. Contributions – unrestricted $60,000