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i want typed answer and dont copy During the current year, a donor gives $400,000 in cash to the school and stipulates that it must
i want typed answer and dont copy
During the current year, a donor gives $400,000 in cash to the school and stipulates that it must hold this money forever. However, any investment income earned on this money must be used for faculty salaries. During the current year, the investment earned $31,000 and, of that amount, the school has expended $22,000 appropriately to date. As a result of these events, what was the overall change in each of the following for the current year? a. Unrestricted net assets. b. Temporarily restricted net assets. c. Permanently restricted net assetsStep by Step Solution
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