Record the following events of Chemical Dependency Clinic, a VHWO:
1. Membership dues of $9,000 were collected.
2. Cash contributions of $22,000 and pledges for $32,000 were received.
3. It is estimated that 10% of the above pledges will prove uncollectible.
4. A fund-raising dinner grossed $12,000 from the sale of 480 tickets. The catered dinner cost $15 each for the 420 people who attended, plus $200 for the rental of the dining room. Payment for these costs was made.
5. A classic car was donated to the organization. The car has an estimated fair value of $75,000. It will be the main attraction of an auction to be held in the next accounting period. The proceeds of the auction are part of the budget for activities in the next period.
6. To expand the services of the clinic, a professional fund-raising group was hired to undertake a 6-month campaign. At the end of the six months, the group submitted the report shown.
Cash collected. . . .. .. .... .. . . . . . .. . . . . .. . .. .. .. . . . . .. . .. . . . $ 70,000
Pledges (estimated to be 95% collectible) . . . .. . .. .. .. .... .. . .. . . . 30,000
Total proceeds.. . .... .. .. .. .. . . . . . .. . . .. . .. .... .. . . .. . .. . . ... $100,000
Less20% fund-raising fee (regardless of collections).. .. .. .... . .. .. . 20,000
Net proceeds from drive . .. .. .. . .. . . . . .. . . ... .. .... .. . . . . . .. . $ 80,000