On January 1, 2020, a foundation made a pledge to pay $59,000 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, 2020, the first payment of $59,000 was received and paid to the researcher. On the books of the Cancer Research Center, record the pledge on January, assuming the appropriate discount rate is 5 percent on an annual basis. The appropriate present value annuity factor is 4.32948. Record the increase in the present value as of December 31. Record the receipt of the first $59,000 on December 31 and the payment to the researcher.