A wealthy alumnus donated land to be used for a new arts and sciences building at the local state university. The land has a fair market value of $250,000 . The donor purchased the land ten years ago at a cost of $75,000
The entry to record the receipt of the donation would be
Debit Credit
A. Land
Capital Contributions $250,000
$250,000
B. Land
Capital Contributions $75,000
$75,000
C. Land
Special Item $250,000
$250,000
D. Land
Special Item $75,000
$75,000
A
Business
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Larry Cable Inc. plans to introduce a new product and is using the target cost approach. Projected sales revenue is $810,000 ($4.05 per unit) and target costs are $730,000. What is the desired profit per unit?
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