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Record the increase in the present value of the receivable

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Problem - On January 1, 2015, 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 nonprofit voluntary health and welfare organization as a salary supplement for a well-known researcher. On December 31, 2015, the first payment of $30,000 was received and paid to the researcher.

Required -

1. Record the increase in the present value of the receivable in the temporarily restricted net asset class as of December 31.

2. 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.

Reference no: EM132458385

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