On January 1,2020 , a foundation made a pledge to pay $27,000 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 $27,000 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 $27,000 on December 31 and the payment to the researcher. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round intermediate calculations and final answers to the nearest whole dollar.) Answer is complete but not entirely correct