Choice "B" is correct. Pica would recognize contribution revenue based on the net realizable value of its pledges receivable.

Rule: Recording promises to give are journalized as follows:

Note that the examiners have asked for total revenues without respect to classification. The collection of a portion of the pledge prior to year end is irrelevant.Choice "c" is incorrect. Pica would recognize contributions in the amount of unconditional pledges whose collection is deemed to be probable along with actual receipts. Pica would not limit its recognition of contribution revenue to only those amounts received.
Choice "a" is incorrect. Pica would recognize contributions in the amount of unconditional pledges whose collection is deemed to be probable and in addition to amounts actually received. Pica would not limit its recognition of contribution revenue to only the uncollected amounts whose receipt is deemed to be probable.
Choice "d" is incorrect. Pica would not recognize the full amount of pledges as contribution revenue if some amounts are deemed to be uncollectible.