On July 1, Year 1, Mission Goodworks, a religious organization, received property as a gift from a local corporation with the understanding that the building would be used principally for a purpose consistent with the organization's mission. How should Mission Goodworks record this gift on its December 31, Year 1 financial statement?
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a. | Record the property as an increase in assets and revenue at the donor's basis. | |
b. | Record the property as an increase in assets and unrestricted net assets at its fair market value. | |
c. | Memorandum only. | |
d. | Record the property as an increase in assets on the Statement of Financial Position and as support on the Statement of Activities and measure the property at its fair value. |
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