A not-for-profit organization received a pledge from a local philanthropist totaling $400,000. The pledge will be paid in five equal installments of $80,000 starting in the next fiscal year. Using the applicable FASB standards, how should the pledge be recognized?

A. Support of $80,000 in each of the following five years. B. Support of $400,000 in the year the pledge was made, discounted at an appropriate rate for future receipts. C. Deferred support of $400,000 in the year the pledge was made. D. Support of $80,000 in the year the pledge was made and $320,000 as deferred support.