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Question - During the year, an NFPO held a public campaign to raise funds for daily operations for the following operating year. By the end of the year, the NFPO had collected $600,000 cash and pledges for an additional $100,000. Based on history, it is estimated that approximately 90% of these pledges will be collected by the end of the first quarter of the next year. The NFPO uses the restricted fund method of accounting for contributions and reports a general fund, capital asset fund, and endowment fund. What amount would be reported as deferred contributions at the end of the current year on the statement of financial position?
a) $600,000
b) $690,000
c) $700,000
d) None
Albert transfers land (basis of $140,000 and fair market value of $320,000) to Gold Corporation for 80% of its stock and a note payable in the amount of $80,000. Gold assumes Albert's mortgage on the land of $200,000.
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