On October 1, 2022 a donor makes a documented promise to contribute the following: $25,000 per year
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Question:
On October 1, 2022 a donor makes a documented promise to contribute the following:
$25,000 per year in 2023, 2024, and 2026/
The donor specifies the contributions is for after-school programs. The present value of the future donations is $64,000:
1) When the promise is made on October 1, 2022 what will be the amount debited to Contributions Receivable? (do not use $ signs, commas or decimals in your answer)?
2) When the promise to give is made what will be the amount recognized as Contribution Revenue?
Related Book For
Advanced Accounting
ISBN: 978-1934319307
2nd edition
Authors: Susan S. Hamlen, Ronald J. Huefner, James A. Largay III
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