Problemmr rich gives 100000 to united charity on monday, Ask an Expert

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Mr. Rich gives $100,000 to United Charity on Monday, with the stipulation the money will be given to the National Association for Dolphin Protection (NADP). However, prior to the actual conveyance, Mr. Rich has the right to divert the gift to a different beneficiary. If the financial statements are produced on Tuesday and United Charity is still holding the money, how much contribution revenue should United Charity recognize, and how much contribution revenue should NADP recognize at that time?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92759304

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