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What total amount should be reported for net assets

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FEU Hospital, a nonprofit hospital affiliated with FEU University, received the following cash contributions from donors during the year ended December 31, 2019.

Contributions restricted by donors for research                  P 300,000
Contributions restricted by donors for capital acquisition         2,800,000

Problem 1: Neither of the contributions was spent during 2019, however, during 2020, the hospital spent the entire P300,000 contribution on research and the entire P 2,800,000 of the contribution on a capital asset which was placed into service during the year. On the hospital's statement of operations for the year ended December 31, 2020, what total amount should be reported for "net assets released from restrictions"?

Reference no: EM132807813

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