On January 1, 2015, 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 nonprofit voluntary health and welfare organization as a salary supplement for a well-known researcher. On December 31, 2015, the first payment of $30,000 was received and paid to the researcher.

1. Record the increase in the present value of the receivable in the temporarily restricted net asset class as of December 31.

2. Record the receipt of the first $30,000 on December 31 and the payment to the researcher. Indicate in which asset class (unrestricted, temporarily restricted) each account is recorded.

1	Contributions Receivable (30,000 x 4.33)	129,900
Contributions-Temporarily Restricted	129,900
2	Contributions Receivable
Contributions-Temporarily Restricted
3	Cash
Contributions-Receivable
Reclassification From Temporarily Restricted Net
Assets- Expiration of Time Restrictions
Reclassification to Unrestricted Net Assets- Expiration of Time Restrictions
(to record expiration of time restrictions)
Research Expense: Salary Supplement
Cash
(All expenses are classified as unrestricted)