E13.10 Donated Long-Lived Assets
Angel Flights provides transportation to medical facilities forspecial needs children. At the beginning of the year, a donor gaveAngel Flights a new airport facility, with a fair value of $5million, to house its aircraft. The donor specified that thefacility must be used by Angel Flights for at least five years. Thefacility has a useful life of 25 years.
Required
Prepare journal entries to record the events described for thecurrent year. If an account affects net assets, indicate whichcategory of net assets is affected.
