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| The board of trustees of Blue College, a private not-for-profit college, established a $500,000 quasi endowment on September 1, year 1 . On the college’s statement of financial position at December 31, year 1 , the assets in this quasi endowment should be included in which of the following classifications? A. Unrestricted net assets. B. Either temporarily or permanently restricted net assets, depending on the expected term of the quasi endowment. C. Permanently restricted net assets. D. Temporarily restricted net assets. |