An organization of high school seniors assists patients at Lake Hospital. These student volunteers perform services that the hospital would not otherwise provide, such as wheeling patients in the park and reading to them. Lake has no employer–employee relationship with these volunteers, who donated 5,000 hours of service to Lake in 20X2. Assuming a minimum wage of $7.50, these services would amount to $18,750, and the estimated fair value of these services was $25,000. In Lake’s 20X2 statement of operations, what amount should it report as donated services?

a. $25,000

b. $18,750

c. $6,250

d. $0