A) On January 1, 2020, a foundation made a pledge to pay $65,000 per year at the end of each of the next five years to the Cancer Research Center, a nonprofit voluntary health and welfare organization, as a salary supplement for a well-known researcher. On December 31, 2020, the first payment of $65,000 was received and paid to the researcher.

1. On the books of the Cancer Research Center, record the pledge on January, assuming the appropriate discount rate is 5 percent on an annual basis. The appropriate present value annuity factor is 4.32948.
2. Record the increase in the present value as of December 31.
3. Record the receipt of the first $65,000 on December 31 and the payment to the researcher.

(If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round intermediate calculations and final answers to the nearest whole dollar.)

Entry 1

On the books of the Cancer Research Center, record the pledge on January, assuming the appropriate discount rate is 5 percent on an annual basis. The appropriate present value annuity factor is 4.33.

Entry 2

Record the increase in the present value as of December 31.

Entry 3

Record the receipt of the first $65,000 on December 31.

Entry 4

Record the entry for reclassifying the net assets.

Entry 5

Record the entry for salary supplement paid to researcher.

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B) Record the following transactions on the books of Hope Hospital, which follows FASB (not-for-profit) and AICPA standards. The year is 2020. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

1. Hope received $67,000 in cash from pledges made in the previous year that were unrestricted as to purpose but intended to be received and expended in 2020.
2. Hope received $112,000 in pledges that indicated the money would be received in 2021. The donors imposed no restrictions other than it could be used for any purpose desired by the board.
3. Hope expended $63,000 for nursing training, using $57,000 of donor restricted resources received in 2019 for that purpose.
4. On June 15, 2020, Hope was awarded a $74,000 grant for cancer research by the U.S. Department of Agriculture. During 2020, Hope had qualified expenses under the grant totaling $54,000. This is cost reimbursement, grant.
5. Hope received $304,000 in cash. The board decided to invest the funds for future plant expansion.

Entry 1

Hope received $67,000 in cash from pledges made in the previous year that were unrestricted as to purpose but intended to be received and expended in 2020. Record the cash from the pledges made in the previous year.

Entry 2

Hope received $67,000 in cash from pledges made in the previous year that were unrestricted as to purpose but intended to be received and expended in 2020. Record the reclassification of the pledges received in the previous year.

Entry 3

Hope received $112,000 in pledges that indicated the money would be received in 2021. The donors imposed no restrictions other than it could be used for any purpose desired by the board.

Entry 4

Record the expense on nursing training.

Entry 5

Record the transfer from donor restricted resources that had been given in 2019 for the purpose of nurse training.

Entry 6

On June 15, 2020, Hope was awarded a $74,000 grant for cancer research by the U.S. Department of Agriculture.

Entry 7

During 2020, Hope had qualified expenses under the grant totaling $54,000.

Entry 8

Record the expenses reimbursed under the grant totaling $54,000.

Entry 9

Record the receipt in cash.

Entry 10

Record the investment of the funds for future plant expansion.

Entry 11

Record the demarcation of net assets-unrestricted for plant expansion