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P10-2_and_10-1A_Solutions - Vehicle 20,000 Revenue –...

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ACCT 4650 P10-2 Deferral method 1. January 1, 20X4 Vehicle 20,000 Deferred contributions - capital assets 20,000 June 30, 20X4 Depreciation expense 2,500 Accumulated depreciation 2,500 [(20,000/4)(6/12) = 2,500 Deferred contributions capital assets 2,500 Contribution revenue 2,500 2. September 30, 20X3 Cash 2,000,000 Net assets endowment 2,000,000 October 1, 20X3 Investment in bonds 2,000,000 Cash 2,000,000 June 30, 20X4 Interest receivable 75,000 Interest revenue 45,000 Net assets endowment 30,000
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ACCT 4650 P10A-1 1. Restricted Fund Method Capital Fund January 1, 20X4 Vehicle
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Unformatted text preview: Vehicle 20,000 Revenue – contributions 20,000 June 30, 20X4 Depreciation expense 2,500 Accumulated depreciation 2,500 [(20,000/4)(6/12) = 2,500 2. Restricted Fund Method— Endowment Fund September 30, 20X3 Cash 2,000,000 Revenue – contributions 2,000,000 October 1, 20X3 Investment in bonds 2,000,000 Cash 2,000,000 June 30, 20X4 Interest receivable 30,000 Revenue - contributions 30,000 [2,000,000 × 2% × 9/12 = 30,000] Restricted Fund Method— General Fund June 30, 20X4 Interest receivable 45,000 Revenue - investment income 45,000 [2,000,000 × (5% – 2%) × 9/12]...
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