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Record journal entries for the events

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Problem - Mangold Ltd received several donations. Record journal entries for the following events:

1. $10,000 cash received from shareholders as donations.

2. Cash donations are used to pay salaries and wages.

3. Equipment received at the beginning of the year from Lin Pty Ltd as a donation. Its fair value is $20,000. The carrying amount for Lin Pty Ltd is $15,000. The estimated useful life upon receipt of the equipment is 10 years.

4. Equipment received from Lin Pty Ltd was used in operations for the year.

5. Land received from shareholders as donations. Its fair value is $50,000.

6. Land sold for $ 55 000.

Reference no: EM133032713

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