Question
During the years ended June 30, 2017 and 2018, Jackson University, aprivate university, conducted a cancer reserch project financed by a $1,000,000 gift from an
During the years ended June 30, 2017 and 2018, Jackson University, aprivate university, conducted a cancer reserch project financed by a $1,000,000 gift from an alumnus. The entire amount was pledged by the donor on July 10,2016. The gift was restricted to the financing of this particular research project. During the two-year reserch period, Jackson's gift receipts from the alumnus and research expenses related to the research project were as follows for each fiscal year.
FY 2017 / FY 2018
Gift receipts: / $200,000 / $800,000
Cancer research expenses / $100,000 / $900,000
How much had temporarily restricted net assets increased as of the end of FY 2018?
A. $1,000,000
B. $100,000
C. $(100,000)
D. $0
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