In its fiscal year ended June 30, Year 1, Barr College, a large private institution, received...

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In its fiscal year ended June 30, Year 1, Barr College, a large private institution, received $100,000 designated by the donor for scholarships for superior students. On July 26, Year 1, Barr selected the students and awarded the scholarships. How should the July 26 transaction be reported in Barr's statement of activities for the year ended June 30, Year 2? a. As both an increase and a decrease of $100,000 in unrestricted net assets. b. Not reported. c. By footnote disclosure only. d. As a decrease only in unrestricted net assets. In its fiscal year ended June 30, Year 1, Barr College, a large private institution, received $100,000 designated by the donor for scholarships for superior students. On July 26, Year 1, Barr selected the students and awarded the scholarships. How should the July 26 transaction be reported in Barr's statement of activities for the year ended June 30, Year 2? a. As both an increase and a decrease of $100,000 in unrestricted net assets. b. Not reported. c. By footnote disclosure only. d. As a decrease only in unrestricted net assets. In its fiscal year ended June 30, Year 1, Barr College, a large private institution, received $100,000 designated by the donor for scholarships for superior students. On July 26, Year 1, Barr selected the students and awarded the scholarships. How should the July 26 transaction be reported in Barr's statement of activities for the year ended June 30, Year 2? a. As both an increase and a decrease of $100,000 in unrestricted net assets. b. Not reported. c. By footnote disclosure only. d. As a decrease only in unrestricted net assets. In its fiscal year ended June 30, Year 1, Barr College, a large private institution, received $100,000 designated by the donor for scholarships for superior students. On July 26, Year 1, Barr selected the students and awarded the scholarships. How should the July 26 transaction be reported in Barr's statement of activities for the year ended June 30, Year 2? a. As both an increase and a decrease of $100,000 in unrestricted net assets. b. Not reported. c. By footnote disclosure only. d. As a decrease only in unrestricted net assets.

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