Huron Retirement Home is a new not-for-profit organization. Its annual revenues are projected to be approximately $200,000. The organization purchased equipment and furnishings for $70,000. It paid $20,000 cash and borrowed the remaining $50,000. Which of the following ways of accounting for the purchase would not be allowed? As a $70,000 expense None of these As a $20,000 expense and a $50,000 asset that is not amortized As a $70,000 asset that is depreciated