Assume Towne Center Art Museum received the following contributions in 2014.
(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%). Prepare journal entries to record these events and any year-end adjusting journal entries resulting from the events.
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