Question :2: Recognizing Revenues of Not-for profit Organizations (12 points) For each of the following independent situations: A) Fill in the blanks by specifying the appropriate tvpe Note that there mav he aitying B) Prepare the necessary journal entry to recognize revenue when applicable. 1. "Down-syndrome Foundation", a voluntary educational and recreational center for children with Down-syndrome, received a donation of $50,000 to be used to purchase educational games for the children at the beginning of next year. Journal Entry: 2. Arthur Corporation gave a not-for-profit research foundation $500,000 to conduct research relating to the development of a new type of battery. Per the terms of the gift, Arthur owned the right to any patents issued as a consequence of the research. Journal Entry: 3. In June 2010, the wealthy parents of a high school graduate pledge to donate $1.5 million to the college she attends, making payments of $0.5 million at the end of each of her remaining years at the school until her expected graduation in 2013 . The college applies a discount rate of 3%. Based on that rate, the present value of $1 for three periods is $2.82861. Journal Entry: 4. A performing arts association, a non-profit organization, is awarded by the Foundation of Arts $60,000 for general operating support for the current year. Journal Entry