Towne Center Art Museum received the following contributions in 2012.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 $107,000.All of these are due within the year and it is estimated that 8% will ultimately prove to be uncollectible.
(b)1,500 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 $25.The member year runs from July 1 to June 30.
(c)A local carpenter donated supplies and labor with values of $24,000 and $5,000 (respectively)to construct a new exhibition area.Fixed assets are classified as unrestricted net assets.
(d)On March 1,2012 a local businessman made a pledge payable in a future period.The pledge is restricted in purpose and has a present value of $140,000 (effective interest rate of 8%).

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The Answer of Towne Center Art Museum received the following contributions in 2012.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 $107,000.All of these are due within the year and it is estimated that 8% will ultimately prove to be uncollectible.
(b)1,500 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 $25.The member year runs from July 1 to June 30.
(c)A local carpenter donated supplies and labor with values of $24,000 and $5,000 (respectively)to construct a new exhibition area.Fixed assets are classified as unrestricted net assets.
(d)On March 1,2012 a local businessman made a pledge payable in a future period.The pledge is restricted in purpose and has a present value of $140,000 (effective interest rate of 8%).

Towne Center Art Museum Received the Following Contributions in 2012