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45.     (Discussion problem - contributions to collections)

Art on Wheels is a newly-formed not-for-profit corporation. Its purpose is to promulgate public appreciation of 19th century American artists. It plans to solicit works of art from donors and to display them both in a museum and in a specially constructed bus that will travel throughout the country. Its establishes a written policy to collect works of art, exhibit them, and protect them from harm. Its policy also calls for selling donated works of art that do not meet its stated objective of enhancing appreciation of 19th century American artists. Proceeds from those sales will be used either to purchase works that meet its objectives or, when necessary, to defray the expenses of displaying the works.

Required: Discuss the accounting requirements (including available options) for (a) recognizing revenues and assets resulting from donations of works of art, and (b) depreciation of art works.

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