Southern Coast (private) University received the following pledges during 20X4:
a.Joy Dance pledges $60,000 to be paid over a three-year period beginning at the end of this year. Southern Coast discounts this contribution at 10%. The present value is $49,737.
b.As a result of a pledge drive, $500,000 is pledged to be paid by the end of the accounting year. Ten percent of pledges in the past have been shown to be uncollectible.Required:Make the necessary journal entries to record the pledges.

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The Answer of Southern Coast (private) University received the following pledges during 20X4:
a.Joy Dance pledges $60,000 to be paid over a three-year period beginning at the end of this year. Southern Coast discounts this contribution at 10%. The present value is $49,737.
b.As a result of a pledge drive, $500,000 is pledged to be paid by the end of the accounting year. Ten percent of pledges in the past have been shown to be uncollectible.Required:Make the necessary journal entries to record the pledges.

Southern Coast (Private) University Received the Following Pledges During 20X4