LO.2 In late December 2012, Gray Corporation (a calendar year C corporation) pledges a $50,000 donation to

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LO.2 In late December 2012, Gray Corporation (a calendar year C corporation)

pledges a $50,000 donation to a local relief agency formed to fight AIDS in Africa.

Although Gray’s board of directors authorized the donation in 2012, the payment is not made until March 2013. What issues are involved?

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