Advanced Accounting 10th Edition by Thomas Schaefer, Joe Ben Hoyle, Timothy Doupnik

Exercise 62

On December 30, 2010, Leigh Museum, a not-for-profit organization, received a $7,000,000 donation of Day Co.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 $2,000,000 and use the dividends to support current operations.
As a consequence of its receipt of the Day shares, how much should Leigh report as temporarily restricted net assets on its 2010 statement of financial position
a.$-0-.
b.$2,000,000.
c.$5,000,000.
d.$7,000,000.