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| Catherine College, a private not-for-profi t college, received the following contributions during 2012: I. $5,000,000 from alumni for construction of a new wing on the science building to be constructed in 2012. II. $1,000,000 from a donor who stipulated that the contribution be invested indefi nitely and that the earnings be used for scholarships. As of December 31, 2012, earnings from investments amounted to $50,000. For the year ended December 31, 2012, what amount of these contributions should be reported as temporarily re stricted revenues on the statement of activities? A. $ 50,000 B. $5,050,000 C. $5,000,000 D. $6,050,000 |
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