On December 1, 2019, St. Sebastian University received cash of $30,000 and a pledge for another $60,000 to be paid in 2020. The amounts are to establish a permanent endowment to provide scholarships for music majors. How should this event be recorded on December 31, 2019, assuming St. Sebastian is a private university?

1. Restricted Cash 30,000

Contributions receivable 60,000

Contribution Revenue: With Donor Restrictions 90,000

2. Restricted Cash 30,000

Contributions receivable 60,000

Contribution Revenue: Temporarily restricted 90,000

3. Restricted Cash 30,000

Contribution Revenue: With Donor Restrictions 30,000

4. Restricted Cash 30,000

Contributions receivable 60,000

Contribution Revenue: With Donor Restrictions 30,000

Deferred Revenues 60,000