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| On December 31, year 1, Royal Haven, a voluntary health and welfare organization, received a pledge from a donor who stipulated that $1,000 would be given to the organization each year for the next 5 years, starting on December 31, year 1. For the year ended December 31, year 1, Royal Haven should report, on its statement of activities, A. $0 until the pledge is received. B. Temporarily restricted revenues valued at present value of an annuity due for 5 periods. C. Temporarily restricted revenues of $5,000. D. Temporarily restricted revenues valued at present value of an ordinary annuity for 5 periods. |