[kristo123]

Hey guys, I have this question on not-for-profit accounting.

Suppose Museum a NFP received an artwork from a Donor, unrestricted.

FV = $90. Instead of keeping this piece for public view which will allow NFP not to capitalize it, it decides to sell it within 10 months. While keeping the artwork, it appreciates in value to $100. NFP sold the piece for $120. Can anyone help me with journal entries from beginning to end.

Museum will have to record the asset and how?

is it an asset or asset-held for sale or something else on the books ?

Dr Asset 90

CR Contribution-Support 90

What about when asset appreciates and when finally sold?

FAR -
AUD -
REG -
BEC -