A well-known celebrity sponsored a telethon for the Help for the Blind Foundation on November 1, 2015.Pledges in the amount of $1,000,000 were called in. Using similar telethon campaigns as a basis, it is estimatedthat 25% of the pledges will be uncollectible.During 2016, $700,000 of contributions from these pledges were collected. The remainder were uncollectible. Required: Identify the appropriate fund(s) and prepare the journal entries necessary in 2015 and 2016 to record thesetransactions.