#6

Help the Children is a local non profit organization. On October 1, 2022 a donor makes a documented promise to contribute the following:

$25,000 per year in 2023, 2024, and 2026.

The donor specifies the contributions is for after-school programs. The present value of the future donations is $64,000.

When the promise is made on October 1, 2022 what will be the amount debited to Contributions Receivable? (do not use $ signs, commas or decimals in your answer)

When the promise to give is made what will be the amount recognized as Contribution Revenue? (do not use $ signs, commas or decimals in your answer)