42. 43. 44. 45. 46. Socialite Lisa King establishes a $4 million irrevocable charitable remainder trust providing a beneficial interest to the Clinton Metropolitan Opera. A percentage of the fair value of the trust's assets go to her husband during his lifetime. The Opera will receive the remaining assets at her husband's death. Mrs. King also specifies that the only the revenue from investing the assets may be used to support the Opera's programs. The Opera estimates that the present value of the estimated future benefits it will receive from the trust is $1.5 million. How should the Opera report this arrangement when it learns of the trust? It should record nothing now. It should record the fair value of the assets only after Mr. King dies It should record a $4 million receivable, $1.5 million in permanently restricted support, and $2.5 million long-term payable to Mr. King. It should disclose the anticipated $1.5 million contribution in the notes to its financial statements. It should record $1.5 million as contributions receivable and as permanently restricted suppon