Pledges must be distinguished by the extent to which they are restricted.

A private college receives the following pledges of support.

As part of its annual fund drive, alumni and friends of the college pledge $$8$ million. The college

estimates that about $15$ percent of the pledges will prove uncollectible.

A CPA firm promises to establish an endowed chair in the accounting department by donating

$$500,000.$ The chair agreement will provide that the funds be used to purchase investment grade

securities and that the income from the securities be used to supplement the salary of the chair holder

and support his or her academic activities.

A private foundation promises to donate $$100,000$ to be used to support a major revision of the

college's accounting curriculum.

An alumnus pledges $$25,000$ to the college's loan fund, which is used to make loans to students

requiring financial assistance.

The college is seeking support for construction of a new athletic fieldhouse. A local real estate investor

promises to donate $10$ acres of land on which a fieldhouse could be built if the college is able to raise

the funds required to construct the building. The land has a fair value of $$1$ million.

Indicate the category of net assets $($with donor restrictions or without donor restrictions$)$ in which each of the

contributions should be recorded and the amount of revenue, if any, that should be recognized when the

pledge was made. Briefly explain your response.