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On December 30, 2015, Leigh Museum, a not-for-profit entity received a $5,000,000 donation of Day Co. common stock shares with donor-stipulated requirements as follows: The
On December 30, 2015, Leigh Museum, a not-for-profit entity received a $5,000,000 donation of Day Co. common stock shares with donor-stipulated requirements as follows: The museum is to sell shares valued at $4,000,000 and use the proceeds to erect a public viewing building. The museum is to retain shares valued at $1,000,000 and use the dividends to support current operations. As a consequence of its receipt of the Day Co. shares, how much should Leigh report as temporarily restricted net assets on its 2015 statement of financial position?
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