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How is san antonio pharma required to report the audit

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Reference no: EM132589337

Question - San Antonio Pharma is a governmental hospital. Local CPA firm, Guragai CPA, is the auditor of the hospital. The CPA firm announced that it will provide the hospital free auditing services for 2019.

Assuming that the hospital would have been billed $20,000 for the audit and that the cost incurred by the CPA firm is estimated at $11,000, how is San Antonio Pharma required to report the donated audit service for 2019?

A. Report contributed service revenue of $0 and audit expense of $0

B. Report contributed service revenue of $20,000 and audit expense of $11,000

C. Report contributed service revenue of $11,000 and audit expense of $11,000

D. Report contributed service of $20,000 and audit expense of $20,000

Reference no: EM132589337

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