On October 1, 2022 a donor makes a documented promise to contribute the following: $25,000 per year

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On October 1, 2022 a donor makes a documented promise to contribute the following:

$25,000 per year in 2023, 2024, and 2026/

The donor specifies the contributions is for after-school programs. The present value of the future donations is $64,000:

1) When the promise is made on October 1, 2022 what will be the amount debited to Contributions Receivable? (do not use $ signs, commas or decimals in your answer)?

2) When the promise to give is made what will be the amount recognized as Contribution Revenue?

Related Book For answer-question

Advanced Accounting

ISBN: 978-1934319307

2nd edition

Authors: Susan S. Hamlen, Ronald J. Huefner, James A. Largay III

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Posted Date: Feb 04, 2023 03:48 AM

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On October 1, 2022 a donor makes a documented promise to contribute the following: $25,000 per year

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