On January 1, 2012, a foundation made a pledge to pay $30,000 per year at the end of each of the


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On January 1, 2012, a foundation made a pledge to pay $30,000 per year at the end of each of the 1 answer below » On January 1, 2012, a foundation made a pledge to pay $30,000 per year at the end of each of the next five years to the Cancer Research Center, a non- profit voluntary health and welfare organization as a salary supplement for a well-known researcher. On December 31, 2012, the first payment of $30,000 was received and paid to the researcher. On the books of the Cancer Research Center, record the pledge on January 1 in the temporarily restricted asset class, assuming the appropri- ate discount rate is 5 percent on an annual basis. The appropriate discount View complete question » On January 1, 2012, a foundation made a pledge to pay $30,000 per year at the end of each of the next five years to the Cancer Research Center, a non- profit voluntary health and welfare organization as a salary supplement for a well-known researcher. On December 31, 2012, the first payment of $30,000 was received and paid to the researcher. On the books of the Cancer Research Center, record the pledge on January 1 in the temporarily restricted asset class, assuming the appropri- ate discount rate is 5 percent on an annual basis. The appropriate discount factor is 4.33. Record the increase in the present value of the receivable in the temporar- ily restricted net asset class as of December 31. Record the receipt of the first $30,000 on December 31 and the payment to the researcher. Indicate in which asset class (unrestricted, temporarily restricted) each account is recorded. View less » Aug 21 2015 03:51 PM

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