3. Assume Towne Center Art Museum (which has a December 31st year end) received the following contributions in 2020. Prepare journal entries to record these events and any year-end adjusting journal entries resulting from the events. (a) Unrestricted pledges of support were received in the amount of $300,000. All of these are due within the year and it is estimated that 7% will ultimately prove to be uncollectible. (b) 600 Memberships were sold to the public in the amount of $45 each. Membership provides the individual with a monthly magazine and other benefits. The estimated fair value of member benefits is $20. The member year runs from July 1 to June 30 . (c) A local carpenter donated supplies and labor with values of $25,000 and $30,000 (respectively) to construct a new exhibition area. Fixed assets are classified as unrestricted net assets. (d) On April 1, 2020 a local businessman made a pledge payable in a future period. The pledge is restricted in purpose and has a present value of $110,000 (effective interest rate of 5%)