On January 1, 2012, a foundation made a pledge to pay $30,000 per year at the end of each of the next five years to the Cancer Research Center, a non-profit voluntary health and welfare organization as salary supplement for a well-known researcher. On December 31, 2012, the first payment of $30,000 was received and paid to the researcher. On the books of the Cancer Research Center, record the pledge on January 1 in the temporarily restricted asset class, assuming the appropriate discount rate is 5% on an annual basis. The appropriate discount factor is 4.33