At the beginning of the year, the Cultural Museum, a private NFP organization, receives a documented promise to contribute $10,000 at the end of each year for the next three years. The appropriate discount rate is 5%, and the promise is considered fully collectible. At the end of the year, the museum receives the first payment.
Required
Prepare journal entries to record activities related to the promise during the year. If the museum's net assets are affected, indicate the appropriate category of net assets. Round answers to the nearest dollar.

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The Answer of At the beginning of the year, the Cultural Museum, a private NFP organization, receives a documented promise to contribute $10,000 at the end of each year for the next three years. The appropriate discount rate is 5%, and the promise is considered fully collectible. At the end of the year, the museum receives the first payment.
Required
Prepare journal entries to record activities related to the promise during the year. If the museum's net assets are affected, indicate the appropriate category of net assets. Round answers to the nearest dollar.

At the Beginning of the Year, the Cultural Museum, a Private