Question: Case A: A NFP entity receives a promise from a collection of donors to give $10,000 in three years. The expected future cash flows to

Case A: A NFP entity receives a promise from a collection of donors to give $10,000 in three years. The expected future cash flows to be received from the donors is $7,000. The NFP uses a present value method to estimate fair value. The fair value (or the present value of the future cash flows) is estimated to be $6,100.

Required:

Prepare the journal entry to record the amount of contribution revenue

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