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Prepare all necessary entries in the affected funds of NNO

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Reference no: EM132805417

Problem - An NNO a Private University obtained cash for the acquisition of property and equipment as follows:

Loan proceeds $200,000

Contributions $400,000

These funds are used to acquire land. In addition, $20,000 in principal and $2,000 in interest is paid on indebtedness relating to property and equipment. Depreciation on property and equipment for the year is $80,000.

Required - Prepare all necessary entries in the affected funds of the NNO.

Reference no: EM132805417

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