Accounting

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September 4, 2017 at 1:32 pm #405345
annamalai27
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How to account for an asset that was given for free(as a gift) to a company?

What would be the carrying amount while recording?
September 4, 2017 at 2:13 pm #405351
MikeLittle
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On receipt of the asset – record at cost = $Nil

Could then revalue to fair value and depreciate that fair value over the remaining estimated useful life

OK?
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