• For example, The Helping Hand entity received $90,000 in unconditional pledges that will be collected five years from the current date. Applying a 3 percent present value rate to the amount, the Helping Hand recorded the following journal entry: Contributions 90,000 Receivable Contributions-With Donor Restrictions 77,634 Discount on Contributions Receivable 12,366
• For example, The Helping Hand entity received $90,000 in unconditional pledges that will be collected five years from the current date. Applying a 3 percent present value rate to the amount, the Helping Hand recorded the following journal entry: Contributions 90,000 Receivable Contributions-With Donor Restrictions 77,634 Discount on Contributions Receivable 12,366
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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