33. (Accounting for Contribution Revenue) Hannon University, a private, nonprofit university, receives a letter from an alumnus who pledges $2,000,000 for the establishment of a center for public service. The donor expresses the wish that the amount be used in the next fiscal year, but the donor's letter does not identify any barriers to be overcome or identify a right of release. Based on history. Hannon University expects to collect 95% of the pledged amount. 1. Record the journal entry that would be recorded upon receipt of the letter. 2. Discuss the appropriate revenue recognition if Hannon University were a public university