The Following Information Applies to the Next Three Questions

The following information applies to the next three questions:
A private foundation made a multi-year pledge to a private college on December 31, 2013, the last day of the fiscal year. The pledge was to pay $12,000 per year each year for five years, beginning on December 31, 2014. The discount rate is 6%. The present value of five payments of $12,000 is $50,548. The present value of four payments of $12,000 is $41,581. No purpose or plant restrictions were involved.
-The private college would:

A) Record contribution revenue in the amount of $12,000 in each of the years 2014, 2015, 2014, 2015 and 2016.
B) Record contribution revenue in the amount of $50,548 in 2013.
C) Record contribution revenue in the amount of $50,548 in 2014.
D) None of the above