A donor gives art supplies to a private, nonprofit art college. The donor paid $50,000 for the supplies, but the supplies may be purchased for $45,000 at the time they are donated to the college. How will the college record the donation?

Select one:

a. Debit supplies $45,000; debit loss on supplies $5,000; credit in-kind contribution revenue $50,000.

b. No journal entry would be recorded

c. Debit supplies $45,000; credit in-kind contribution revenue $45,000

d. Debit supplies $50,000; credit in-kind contribution revenue $50,000