Care Foundation Is a Voluntary Health and Welfare Organization Funded

Multiple Choice

Care Foundation is a voluntary health and welfare organization funded by contributions from the general public.Care sold equipment for $30,000 which cost $40,000 and had a book value of $25,000 at the time of sale.In recording the sale,Care should:

A) Record a gain of $5,000.
B) Record "proceeds from sale of land" of $30,000.
C) Both (a) and (b) above.
D) Neither (a) nor (b) above.