On December 30, 2017, Leigh Museum, a not-for-profit entity, received a $7,400,000 donation of Day Co. common stock shares with donor-stipulated requirements as follows:

• The museum is to sell shares valued at $5,200,000 and use the proceeds to erect a public viewing building.
• The museum is to retain shares valued at $2,200,000 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 2017 statement of financial position?

Multiple Choice

a. $7,400,000

b. $5,200,000

c. $2,200,000

d. $0