On July 1, 2012, Rajeev Gupta, a wealthy alumnus of Clearwater University, promises in writing to contribute

Question:

On July 1, 2012, Rajeev Gupta, a wealthy alumnus of Clearwater University, promises in writing to contribute $150,000 at the beginning of each of the next ten fiscal years to help offset the expenses of operating the Greek Affairs Office in those years. The first $150,000 payment is received on July 1, 2013. The university's fiscal year runs from July 1 to June 30.
Required
Prepare journal entries to report this donation on the following dates: July 1,2012, June 30,2013, July 1, 2013, and June 30,2014. A 6 percent is appropriate. If the entry affects net assets, indicate the net asset category affected? Discount Rate
Depending upon the context, the discount rate has two different definitions and usages. First, the discount rate refers to the interest rate charged to the commercial banks and other financial institutions for the loans they take from the Federal...