Prepare journal entries to record these events and transactions. Be sure to indicate the fund-type...
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Accounting
Prepare journal entries to record these events and transactions. Be sure to indicate the fund-type in which the entry would be made.
AAC received a pledge of $4,500,000, to be fulfilled in three annual installments of $1,500,000 beginning in one year. AAC determined that a discount rate of 6% was appropriate. Remember that the present value needs to be recorded.
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