On January 1, 2020, a foundation made a pledge to pay $15,000 per year at the end of each of the next five years to the Cancer Research Center, e nonprofit voluntary health and welfare organization, as a salary supplement for a well-known researcher. On December 31, 2020, the first payment of $15,000 was received and paid to the researcher 1 On the books of the Cancer Research Center, record the pledge on January, assuming the appropriate discount rate is 5 percent on an annual basis. The appropriate present value annuilty factor is 4.32948 2. Record the increase in the present value as of December 31. 3. Record the receipt of the first $15,000 on December 31 and the payment to the researcher. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round intermediate calculations and final answers to the nearest whole dollar.) View transaction list Journal entry worksheet 3 4 5 Record the increase in the present value as of December 31.

On January 1, 2020, a foundation made a pledge to pay $15,000 per year at the end of each of the next five years to the Cancer Research Center, e nonprofit voluntary health and welfare organization, as a salary supplement for a well-known researcher. On December 31, 2020, the first payment of $15,000 was received and paid to the researcher 1 On the books of the Cancer Research Center, record the pledge on January, assuming the appropriate discount rate is 5 percent on an annual basis. The appropriate present value annuilty factor is 4.32948 2. Record the increase in the present value as of December 31. 3. Record the receipt of the first $15,000 on December 31 and the payment to the researcher. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round intermediate calculations and final answers to the nearest whole dollar.) View transaction list Journal entry worksheet 3 4 5 Record the increase in the present value as of December 31.

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter28: Income Taxation Of Trusts And Estates

Section: Chapter Questions

Problem 9DQ

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