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

Exercise 72

The Jones family lost its home in a fire.On December 25, 2010, a philanthropist sent money to the Amer Benevolent Society, a not-for-profit organization, specifically to purchase furniture for the Jones family.During January 2011, Amer purchased furniture for the Jones family.How should Amer report the receipt of the money in its 2010 financial statements
a.As an unrestricted contribution.
b.As a temporarily restricted contribution.
c.As a permanently restricted contribution.
d.As a liability.