A flood damaged several vans belonging to a nongovernmental, not-for-profit organization. A professional mechanic repaired the vans at no charge, restoring them to the condition they were in just prior to the flood. How should the van repairs be recognized in the financial statements?a. Only a note disclosure would be required. b. As both an increase in the equipment account and an increase in contributions from donated services. c. As a decrease in accumulated depreciation- equipment, and an increase in contributions from donated services. d. As an increase in expenses and an increase in contributions from donated services.

Over the past several years, joyce chen has been able to save regularly. as a result, today she has $54,188 in savings and investments. she wants to establish her own business in 5 years and feels she will need $100,000 to do so. a. if she can earn 6% on her money, how much will her $54,188 in savings/investments be worth in 5 years? will joyce have the $100,000 she needs? if not, how much more money will she need? b. given your answer to part a, how much will joyce have to save each year over the next 5 years to accumulate the additional money? assume she can earn interest at a rate of 6%. c. if joyce can afford to save only $4,000 a year then, given your answer to part a, will she have the $100,000 she needs to start her own business in 5 years?