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| Gridiron University is a private university. A successful alumnus has recently donated $1,000,000 to Gridiron for the purpose of funding a “center for the study of sports ethics.” This donation is conditional upon the university raising matching funds within the next 12 months. The university administrators estimate that they have a 50% chance of raising the additional money. How should this donation be accounted for? A. As a refundable advance. B. As a temporarily restricted support. C. As unrestricted support. D. As a memorandum entry reported in the footnotes. |