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What other journal entry should the shelter make

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Question - On December 1, 20X1, Wilson contributed $25,000 to The Women's Shelter, stipulating that his contribution be used to buy a commercial refrigerator and freezer system. The system was purchased on January 2, 20X3. The shelter will depreciate the refrigerator over five years using the straight-line method, with no residual value. The shelter has a December 31 year-end and uses the deferral method. At December 31, 20X3, the shelter made a journal entry to record depreciation. What other journal entry, if any, should the shelter make?

Reference no: EM133091011

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