On December 30, 2013, Leigh Museum, a not-for-profit organization, received a $7,000,000 donation of Day Co. common stock shares with donor-stipulated requirements as follows:
The museum is to sell shares valued at $5,000,000 and use the proceeds to erect a public viewing building.
The museum is to retain shares valued at $2,000,000 and use the dividends to support current operations.
As a consequence of its receipt of the Day Co. shares, how much should Leigh report as temporarily restricted net assets on its 2013 statement of financial position?
a. $–0–
b. $2,000,000.
c. $5,000,000.
d. $7,000,000.
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