GROUP 2 1. Discuss and show the solution to the class on the said requirements. 2. Recap the treatment of Contributions account for NFO's. Illustration 2: Contributions revenue An NPO receives the following during 20x1: #120.000 proceeds from sales of calendars, mugs, T-shirts, and other souvenir items. The fair value of the iterns sold is P75,000 while the cost is $50,000. P1,000,000 to be used only upon the completion of a new facility that is only 30% complete as of December 31, 20x1. If the facility is not completed by September 2, 20x1, the cash shall be returned to the donor. Requirement: How much contribution revenue is recognized from the donations above