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Question - A new children's hospital is being built in Springfield, and Friendly Corp. has publicly pledged that it will contribute $5 million toward the hospital's construction. In its pledge agreement dated 1/1/X1, Friendly Corp. and the hospital have agreed upon the following contribution schedule: $2 million to be contributed at 12/31/X1, $2 million at 12/31/X2, and $1 million at 12/31/X3. Friendly's typical borrowing rate is 6%.
1. How must Friendly Corp. report the contribution in its financial statements at the end of each reporting period and as of the inception of the agreement? What would the journal entries look like for each contribution?
2. What disclosures are required, if any?
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