Blue Bears and Ducks (BBD) is a non-profit corporation duly registered with the Internal Revenue Service and its home state's Secretary of State department. As a non-profit (or not- for-profit) organization BBD relies heavily on donations from a variety of sources to meet its operating expense needs. On July 1, 2019, BBD received the following pledges (or promises to pay) from various donors. $1,000,000 per year, for five years, to be paid each July 1, starting July 1, 2020. The donor is the president of BBD's board of directors and has always fulfilled his pledges. $500,000 per year, for three years, to be paid each July 1, starting July 1, 2020. The donor is a local corporation, which in recent years has had financial troubles and has threatened bankruptcy in the past. $200,000 to be paid on July 1, 2020. The donor is a local businessman, and he added language to his pledge stating "donation will be made if the S&P 500 index rises to 6,000 points on or before July 1, 2020." Required: For each of the above pledge scenarios: 1. Citing guidance from the Codification, explain when BBD should record contribution revenues for each pledge and the how much should be recorded. Please note that there is professional judgment involved in the calculations - make sure you to explain/justify the figures you chose. 2. Explain how you located the relevant guidance, including the search method used and which sections you searched within the appropriate topic. Blue Bears and Ducks (BBD) is a non-profit corporation duly registered with the Internal Revenue Service and its home state's Secretary of State department. As a non-profit (or not- for-profit) organization BBD relies heavily on donations from a variety of sources to meet its operating expense needs. On July 1, 2019, BBD received the following pledges (or promises to pay) from various donors. $1,000,000 per year, for five years, to be paid each July 1, starting July 1, 2020. The donor is the president of BBD's board of directors and has always fulfilled his pledges. $500,000 per year, for three years, to be paid each July 1, starting July 1, 2020. The donor is a local corporation, which in recent years has had financial troubles and has threatened bankruptcy in the past. $200,000 to be paid on July 1, 2020. The donor is a local businessman, and he added language to his pledge stating "donation will be made if the S&P 500 index rises to 6,000 points on or before July 1, 2020." Required: For each of the above pledge scenarios: 1. Citing guidance from the Codification, explain when BBD should record contribution revenues for each pledge and the how much should be recorded. Please note that there is professional judgment involved in the calculations - make sure you to explain/justify the figures you chose. 2. Explain how you located the relevant guidance, including the search method used and which sections you searched within the appropriate topic