3. Assume Towne Center Art Museum (which has a December 31st year end) received the following contributions in 2017. (a) Unrestricted pledges of support were received in the amount of $280,000. All of these are due within the year and it is estimated that 6% will ultimately prove to be uncollectible. (b) 600 Memberships were sold to the public in the amount of $40 each. Membership provides the individual with a monthly magazine and other benefits. The estimated fair value of member benefits is $15. The member year runs from July 1 to June 30. (c) A local carpenter donated supplies and labor with values of $25,000 and $20,000 (respectively) to construct a new exhibition area. Fixed assets are classified as unrestricted net assets. (d) On April 1, 2017 a local businessman made a pledge payable in a future period. The pledge is restricted in purpose and has a present value of $105,000 (effective interest rate of 6%). Required: Prepare journal entries to record these events and any year-end adjusting journal entries resulting from the events. (15 points) 5 6 7 8. 9 Account 10 a 11 12 13 14 b 15 16 17 18 Year-end adjustment 19 20 21 22 c 23 24 25 26 d 27 28 29 0 Year-end adjustment Towne Center Art Museum General Journal 31-Dec-17 DR CR