Choice "C" is correct. Unconditional pledges that will be collected over more than one year should be reported as pledges receivable, valued at their present value.
Choice "d" is incorrect. Pledges receivable are discounted to their present value.
Choice "b" is incorrect. Contribution revenue from pledges receivable is recorded as temporarily restricted, not deferred.
Choice "a" is incorrect. Pledges receivable are recorded at their present value.
