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Investment transactions and events

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Question: (Investment transactions and events) An NFPO had the following transactions and events. Prepare journal entries to record these transactions and events, based on the assumption that the NFPO uses a single account to record all unrealized and realized investment gains and losses. Then, prepare journal entries for events 2 and 3, based on the assumption that the NFPO separates unrealized from realized investment gains and losses.

1. On July 15, 2012, an NFPO received a donation of Google stock that had a fair value of $75,000 at the time of the donation. The donor told the NFPO that the stock could be sold and used only to finance a particular research project.

2. On December 31, 2012, when the NFPO closed its books, the stock had a fair value of $76,500.

3. On February 15, 2013, the NFPO sold the stock for $76,000.

4. On March 15, 2013, the NFPO spent the entire $76,000 on the research project for which the donor made the gift.

Reference no: EM131704276

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