Advanced Accounting 12th Edition by Joe Ben Hoyle,Thomas Schaefer , Timothy Doupnik

Exercise 2

On December 30, 2015, Leigh Museum, a not-for-profit entity received a $7,000,000 donation of Day Co. common stock shares with donor-stipulated requirements as follows:
The museum is to sell shares valued at $5,000,000 and use the proceeds to erect a public viewing building.
The museum is to retain shares valued at $2,000,000 and use the dividends to support current operations.
As a consequence of its receipt of the Day Co. shares, how much should Leigh report as temporarily restricted net assets on its 2015 statement of financial position
a. $-0-.
b. $2,000,000.
c. $5,000,000.
d. $7,000,000.