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

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter14: Choice Of Business Entity—operations And Distributions

Section: Chapter Questions

Problem 41P

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