Which statement below is not correct for financial statements of not-for-profit entities? Multiple Choice Pledged contributions are recognized in the accounting period in which pledged by donors. Depreciation expense is not recognized by not-for-profit entities. Not-for-profit entities issue a Statement of Activities. A not-for-profit entity's Statement of Financial Position includes a section specifically for net assets. Contributed assets are recognized by a not-for-profit entity as public support contribution revenue