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A not-for-profit art museum that has elected to capitalize its art collection receives a donation of a rare piece of Native-American art. The donor paid $10,000 for the piece several years ago. Today the piece has an estimated value of $50,000. What entry should the museum make upon receipt of this donation

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Answer and Explanation:

No  journal entry is required as the art museum has been elected so it is not capitalized also the value is increased i.e. from $10,000 to $50,000 so we should not capitalized it

So for this there is no requirement of passing the journal enry

 Hence, the same is to be considered

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