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How should the institute record transaction

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Question - On January 1, the Hawaii Cancer Institute has received a promise from the Obama Foundation to receive a building that the Foundation recently appraised at $200,000. However, the building cost only $125,000. The Cancer Institute promised to keep the building "permanently restricted," i.e., never to sell it and to use it only for its work in helping cancer patients. As of the end of the Cancer Institute's fiscal year (December 31), no title to the building was received by the institute. How should the institute record this transaction?

Reference no: EM132519911

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