An Association dedicated to providing scholarships for accounting students receiv$$d contributions during the year totaling $$300,000.$ All of the contributions must be used for student scholarships. While waiting to determine who would receive the scholarships, the Association invested the contributions it received in marketable securities$.$ As a result, the Association earned dividend income of $$12,000$ while the market value of the securities increased by $$33,000.$ In its financial statements, the Association should report...

Investment earnings without donor restrictions of $$45,000$

Investment earnings with donor restrictions of $$12,000$

Investment earnings without donor restrictions of $$12,000$ and investment earnings with donor restrictions of $$33,000$

Investment earnings with donor restrictions of $$45,000$