A private foundation made a multi-year pledge to a private college on December 31, 2003, the last day of the fiscal year. The pledge was to pay $10,000 per year each year for five years, beginning on December 31, 2004. The discount rate is 6%. The present value of five payments of $10,000 is $42,124. The present value of four payments of $10,000 is $34,651. No purpose or plant restrictions were involved. The private college would:

A. Record contribution revenue in the amount of $10,000 in each of the years 2004, 2005, 2006, 2007, and 2008.

B. Record contribution revenue in the amount of $42,124 in 2003 and interest revenue of $2,527 in 2004.

C. Record contribution revenue in the amount of $42,124 in 2003 and contribution revenue of $2,527 in 2004.

D. Record contribution revenue in the amount of $42,124 in 2004 and contribution revenue of $2,527 in 2003.