On its year-end statement of financial position, the charity would report permanently restricted net assets of:
A)$1 million.
B)$1.04 million.
C)$1.03 million.
D)$1.01 million.

Name: On its year-end statement of financial position, the charity would report permanently restricted net assets of: A)$1 million. B)$1.04 million. C)$1.03 million. D)$1.01 million.
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Question

Quizplus · Accepted Answer

Permanently restricted net assets are typically reported at the original amount of the endowment or donation, which is $1 million in this case.

On Its Year-End Statement of Financial Position, the Charity Would