During the years ended June 30, 2020 and 2021, Jackson University, a private university, conducted a cancer research project financed by a $1,000,000 gift from an alumnus. The entire amount was pledged by the donor on July 10, 2019. The gift was restricted to the financing of this particular research project. During the two-year research period, Jackson's gift receipts from the alumnus and research expenses related to the research project were as follows for each fiscal year (FY):
What amount of net assets was released from restriction in 2020?
A) $200,000.
B) $100,000.
C) $1,000,000.
D) $0.

Question

During the years ended June 30, 2020 and 2021, Jackson University, a private university, conducted a cancer research project financed by a $1,000,000 gift from an alumnus. The entire amount was pledged by the donor on July 10, 2019. The gift was restricted to the financing of this particular research project. During the two-year research period, Jackson's gift receipts from the alumnus and research expenses related to the research project were as follows for each fiscal year (FY): 
What amount of net assets was released from restriction in 2020?
A) $200,000. 
B) $100,000. 
C) $1,000,000. 
D) $0.

Quizplus · Accepted Answer

The Answer of During the years ended June 30, 2020 and 2021, Jackson University, a private university, conducted a cancer research project financed by a $1,000,000 gift from an alumnus. The entire amount was pledged by the donor on July 10, 2019. The gift was restricted to the financing of this particular research project. During the two-year research period, Jackson's gift receipts from the alumnus and research expenses related to the research project were as follows for each fiscal year (FY): 
What amount of net assets was released from restriction in 2020?
A) $200,000. 
B) $100,000. 
C) $1,000,000. 
D) $0.

During the Years Ended June 30, 2020 and 2021, Jackson