Assume Towne Center Art Museum Received the Following Contributions in 2014.Prepare

Assume Towne Center Art Museum received the following contributions in 2014.Prepare journal entries to record these events and any year-end adjusting journal entries resulting from the events.
(a)Unrestricted pledges of support were received in the amount of $240,000.All of these are due within the year and it is estimated that 6% will ultimately prove to be uncollectible.
(b)600 Memberships were sold to the public in the amount of $40 each.Membership provides the individual with a monthly magazine and other benefits.The estimated fair value of member benefits is $15.The member year runs from July 1 to June 30.
(c)A local carpenter donated supplies and labor with values of $24,000 and $17,000 (respectively)to construct a new exhibition area.Fixed assets are classified as unrestricted net assets.
(d)On March 1,2014 a local businessman made a pledge payable in a future period.The pledge is restricted in purpose and has a present value of $104,000 (effective interest rate of 6%).