Contribution Question: A new children's hospital is being built in the city of Middleton. A localbusiness, Johnson Controls, has publicly pledged to contribute $5,000,000 toward the hospital'sconstruction. In its pledge agreement dated 1/1/22, Johnson Controls and the hospital agreeupon the following contribution schedule: $2 million to be contributed at 12/31/22; $2 million at 12/31/23, and $1 million at 12/31/24.Johnson Controls typical borrowing rate is 6%. How must Johnson Controls report thecontribution in its financial statements at the inception of the agreement, and at the end of eachreporting period? What disclosures are required, if any