$15$

A private college received an offer from a CPA who is an alumnus to teach a one$-$semester advanced accounting course at no cost$.$ ?ASC $958$ ?prescribes that this contribution of service:

Multiple Choice

need only be disclosed in the footnotes to the financial statements.

be recorded as an asset with an equivalent amount recorded in the unrestricted fund balance.

be recorded as a revenue with an equivalent amount recorded as an expenditure.

need not be recorded if the service is for a period of less than one academic year.