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Question - The footnote in the financial statements of The Welfare Foundation contain the following note titled "Promises to Give": Unconditional promises to give were as follows at December 31:
2020
2019
Contributions due in less than one year
$2,293,775
$2,305,753
Contributions due in one to five years
5,454,320
6,272,198
Contributions due in more than five years
1,098,384
1,696,768
8,846,479
10,274,719
Less allowance for bad debts
(166,972)
(398,723)
Less discount to net present value
(497,812)
(710,124)
$8,181,695
$9,165,872
The discount rates used on long-term promises to give were 3 percent in 2020 and 2019. Suppose that the foundation was to prepare a statement of financial position in columnar form, one column for net assets without donor restrictions, and another for net assets with donor restrictions. In which column would these receivables be reported? Explain.
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