During the years ended June 30, 20X5, and 20X6, a nongovernment ONPO conducted a cancer research project financed by a $2,000,000 restricted gift. This entire amount was pledged by the donor on July 10, 20X3, although he paid only $500,000 at that date. During the 2-year research period, the ONPO-related gift receipts and research expenses, were as follows:

How much support should the ONPO report in its Statement of Activities for the year ended June 30, 20X6?

a. $0

b. $800,000

c. $1,100,000

d. $2,000,000

Transcribed Image Text:

Gift receipts Cancer research expenses Year Ended June 30 20X5 $700,000 900,000 20X6 $ 800,000 1,100,000