Record the following transactions on the books of Hope Hospital, which follows FASB (not-for-profit) and AICPA standards. The year is 2020.
1. Hope received $15,000 in cash from pledges made in the previous year that were unrestricted as to purpose but intended to be expended in 2020.
2. Hope received $31,000 in pledges that indicated the money would be be received in 2021. The donors imposed no restrictions other than the money could be used for any purpose desired by the board.
3. Hope expended $40,000 for nursing training, using $33,000 of temporarily restricted resources that had been given in 2019 for that purpose.
4. On June 15, 2020 Hope was awarded a $50,000, grant for cancer research by U.S. Department of Agriculture. During 2020, Hope had qualified expenses under the grant totaling $35,000. This is cost reimbursement, grant.
5. Hope received $270,000 in cash. The board decided to invest the funds for future plant expansion.
