On January 1, 2020, a foundation made a pledge to pay $47,000 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 $47,000 was received and paid to the researcher.

1. 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.
2. Record the increase in the present value as of December 31.
3. Record the receipt of the first $47,000 on December 31 and the payment to the researcher.

No	Transaction	General Journal	Debit	Credit
1	01	Contributions Receivableselected answer correct	not attempted	not attempted
		Contributionswith Donor Restrictionsselected answer correct	not attempted	not attempted
2	02	Contributions Receivableselected answer correct	not attempted	not attempted
		Contributionswith Donor Restrictionsselected answer correct	not attempted	not attempted
3	3a	Cashselected answer correct	15,000selected answer incorrect	not attempted
		Contributions Receivableselected answer correct	not attempted	15,000selected answer incorrect
4	3b	Research Expense: Salary Supplementselected answer correct	not attempted	not attempted
		Cashselected answer correct	not attempted	not attempted
5	3c	Reclassification from Net Assets with Donor Restrictionsfor Expiration of Time Restrictionsselected answer correct	not attempted	not attempted
		Reclassification from Net Assets with Donor Restrictionsfor Expiration of Time Restrictionsselected answer incorrect	not attempted	not attempted