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Lea Mediators, a not for profit religious organization suffered damages when a storm broke glass windows in Lea's building. A member of Lea's congregation, a professional glazier, replaced the windows at no charge. In Lea's statement of activities, the breakage and replacement of the windows should:

a) not be reported

b) be reported by note disclosure only

c) be reported as an increase in both expenses and contributions

d) be reported as an increase in both net assets and contributions

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Accounting Basics, Accounting

Category:- Accounting Basics
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