Free - Learn College, a private not – for- profif college, received tne following contributions during 2020: 1. P625,000 from alumni for construction of a new wing on the science building to be constructed 2021. II. P125,000 from a donor who stipulated that the contributions be invested indefinitely and that th earnings be used for scholarships. As of December 31, 2020, earnings from investment amounte P6,250. For the year ended December 31, 2020, what amount of these contributions should be reported as tempor estricted revenues on the statement of activities? a. P6,250 b. P631,250 c. P625,000 d. P756,250
Free - Learn College, a private not – for- profif college, received tne following contributions during 2020: 1. P625,000 from alumni for construction of a new wing on the science building to be constructed 2021. II. P125,000 from a donor who stipulated that the contributions be invested indefinitely and that th earnings be used for scholarships. As of December 31, 2020, earnings from investment amounte P6,250. For the year ended December 31, 2020, what amount of these contributions should be reported as tempor estricted revenues on the statement of activities? a. P6,250 b. P631,250 c. P625,000 d. P756,250
Chapter20: Corporations And Parterships
Section: Chapter Questions
Problem 8DQ
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Topic: Accounting For Non-Profit Organization
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