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What should be the balance in deferred contribution account

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Reference no: EM132588334

Question 1: A not-for-profit organization receives a restricted contribution of $20,000 to be used for a specific project. During the current year, $14,000 is spent toward the project with the balance to be spent next year. What should be the balance in the deferred contribution account at the end of the year, if the organization uses the deferred contribution method of reporting?

Reference no: EM132588334

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