_____ Sable Private University (SPU) Has Volunteers Who (A) Regularly Provide

_____ Sable Private University (SPU) has volunteers who (a) regularly provide teaching services to SPU and (b) are paid only nominal amounts to reimburse them for their commuting costs. During 2006, SPU paid $33,000 to these volunteers (retired scientists who teach science courses on a part-time basis) . The gross value of services performed by these volunteers amounted to $400,000. What amount should SPU report for expenses for volunteers' services?

A) $-0-
B) $33,000
C) $367,000
D) $400,000
E) $433,000