Problem Task: Reporting Promises
At the beginning of 2020, the Museum of History receives a documented promise to contribute $20,000 at the end of each year for the next four years. The appropriate discount rate is 3 percent, and the promise is considered fully collectible. At the end of 2020, the museum receives the first payment.
Required: Prepare journal entries to record the promise and the first year's contribution. If the museum's net assets are affected, indicate the appropriate category of net assets.
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