Safe Haven, a voluntary welfare organization funded by contributions from the general public, received unrestricted pledges of $400,000 during 2018. It was estimated that 12% of these pledges would be uncollectible. By the end of 2018, $300,000 of the pledges had been collected, and it was expected that $40,000 more would be collected in 2019, with the balance of $60,000 to be written off as uncollectible. Donors did not specify any periods during which the donations were to be used. What amount should Safe Haven include under public support in 2018 for contributions?a. $400,000b. $352,000c. $340,000d. $300,000

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Safe Haven, a voluntary welfare organization funded by contributions from the general public, received unrestricted pledges of $400,000 during 2018. It was estimated that 12% of these pledges would be uncollectible. By the end of 2018, $300,000 of the pledges had been collected, and it was expected that $40,000 more would be collected in 2019, with the balance of $60,000 to be written off as uncollectible. Donors did not specify any periods during which the donations were to be used. What amount should Safe Haven include under public support in 2018 for contributions?
a. $400,000
b. $352,000
c. $340,000
d. $300,000

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