A private not$-$for$-$profit entity receives a gift of new furniture from a retail department store. The furniture has a fair value of $$2,100.$ The entity holds the furniture for several weeks. After a flood, the entity gives the furniture to several needy families. How should the NFP entity record these conveyances?

Multiple Choice

No entries are required.

Record contribution revenue of $$2,100$ and community assistance expense of $$2,100.$

Record only a community assistance expense of $$2,100.$

Record only a contributed revenue of $$2,100.$