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What would be the carrying value of the equipment

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Question - Do-Good Inc. is a not-for-profit organization that was formed on January 1, 2020. Do-Good has a December 31 year end. It has an accounting policy of capitalizing and amortizing its capital assets. On April 1, 2020, Do-Good purchased equipment costing $8,000. The equipment is estimated to have a useful life of 4 years, with no residual value at that time. This transaction was the only transaction that took place to date.

The equipment was purchased from a restricted fund contribution which had a balance of $8,400.

1. What would be the carrying value of the equipment on December 31, 2020?

2. What would be the balance in the Capital Fund on December 31, 2020?

3. What would be the balance in the Operating Fund on December 31, 2020?

Reference no: EM133085516

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