At the beginning of 2020, the Museum of History receives a documented promise to contribute $20,000 at the end of each year for the next four years. The appropriate discount rate is 3 percent, and the promise is considered fully collectible. At the end of 2020, the museum receives the first payment. 

Required 

Journal entries to record the promise and the first year's contribution. If the museum's net assets are affected, indicate the appropriate category of net assets.

Round your answers to the nearest whole number.

Round your answers to the nearest whole number. Description Contributions receivable Discount on contributions receivable Contribution revenue - restricted To record the present value of the documented promise. Discount on contributions receivable Contribution revenue-restricted To record interest earned on outstanding contributions receivable. Net assets released from use restrictions-restricted Net assets released from use restrictions-unrestricted To record release of restriction. Cash Contributions receivable To record donor's contribution for the year. Debit 80,000 0 0 2,230 0 0x 0 20,000 0 Credit 0 5,658 74,342 0 2,230 0 0x 0 20,000