Please do not give image format Exercise 10-11 (Algo)On January 1, 2020, a foundation made a pledge to pay $19,000 per year at the end of each of the next five years to the CancerResearch Center, a nonprofit voluntary health and welfare organization, as a salary supplement for a well-known researcher. OnDecember 31, 2020, the first payment of $19,000 was received and paid to the researcher.1. On the books of the Cancer Research Center, record the pledge on January, assuming the appropriate discount rate is 5 percent onan annual basis. The appropriate present value annuity factor is 4.32948.2. Record the increase in the present value as of December 31.3. Record the receipt of the first $19,000 on December 31 and the payment to the researcher.(If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round intermediatecalculations and final answers to the nearest whole dollar.)View transaction listJournal entry worksheet<12Transaction013 4On the books of the Cancer Research Center, record the pledge on January,assuming the appropriate discount rate is 5 percent on an annual basis. Theappropriate present value annuity factor is 4.33.Note: Enter debits before credits.Record entry5General JournalClear entryDebitCreditView general journal>

Journal entries are essential in the double-entry accounting system, in which every transaction…

1, 2020, a foundation made a pledge to pay $19,000 per year at the end of each of enter, a nonprofit voluntary health and welfare organization, as a salary supplement 31, 2020, the first payment of $19,000 was received and paid to the researcher. ooks of the Cancer Research Center, record the pledge on January, assuming the a al basis. The appropriate present value annuity factor is 432948