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E13.5 Reporting Promises At the beginning of 2020, the Museum of History receives a documented...

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Accounting

E13.5 Reporting Promises

At the beginning of 2020, the Museum of History receives a documented promise to contribute $20,000 at the end of each year for the next four years. The appropriate discount rate is 3 percent, and the promise is considered fully collectible. At the end of 2020, the museum receives the first payment.

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Prepare journal entries to record the promise and the first years contribution. If the museums net assets are affected, indicate the appropriate category of net assets.

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