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A state college receives a life income gift of $200,000 from an individual. The individual is to ...

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A state college receives a life income gift of $200,000 from an individual. The individual is to ...

A state college receives a life income gift of $200,000 from an individual. The individual is to receive the earnings on the assets until her death, at which time any remaining resources may be used for any purpose of the college. The present value of the estimated payments to the individual is $150,000. How much revenues should the college report upon receipt of this gift?
A.$0.
B.$20,000.
C.$50,000.
D.$200,000.

Textbook

Governmental and Nonprofit Accounting

Edition: 11^th

Authors: Freeman, Shoulders, McSwain, Scott

Read 61 times

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More solutions for this book are available here

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logiol22 Author

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Just confirmed the same answer from my friend, thanks

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