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How would the affect the unrestricted net assets

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Reference no: EM133188537

Question - A certain foundation, a voluntary health and welfare organization, received the following contributions in 2020:

1. P5,000 from donors who stipulated that the money not be spent until 2022.

2. P10,000 from donors who stipulated that the contribution be used for the acquisition of equipment, none of which was acquired in 2020.

A trading securities was acquired during the year with a fair value of P5,000,000 to provide income for the maintenance of the foundation. The restricted securities was intended for endowment funds.

Required - Under the Statement of Financial Accounting Standards No. 117, how would the above affect the unrestricted net assets, temporarily restricted assets and permanently restricted net assets, respectively?

Reference no: EM133188537

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