Advanced Accounting 10th Edition by Thomas Schaefer, Joe Ben Hoyle, Timothy Doupnik

Exercise 6

Pel Museum is a private not-for-profit organization.If it receives a contribution of historical artifacts, it need not recognize the contribution if the artifacts are to be sold and it will use the proceeds to
a.Support general museum activities.
b.Acquire other items for collections.
c.Repair existing collections.
d.Purchase buildings to house collections.