$3.$ On January $1,2024,$ a foundation made a pledge to pay $$20,000$ per year at the end of each of the next five years to the Cancer Research Center, a nonprofit voluntary health and welfare organization, as a salary supplement for a well$-$known researcher. On December $31,2024,$ the first payment of $$20,000$ was received and paid to the researcher.

On the books of the Cancer Research Center, record the pledge in January, assuming the appropriate discount rate is $5$ percent on an annual basis. The appropriate present value annuity factor is $4\mathrm{.}3295.$

Record the increase in the present value as of December $31.$

Record the receipt of the first $$20,000$ on December $31$ and the payment to the researcher.