During 1997, Jones Foundation received the following support: A cash contribution of $875,000 to be used at the board of directors' discretion; A promise to contribute $500,000 in 1998 from a supporter who has made similar contributions in prior periods; Contributed legal services with a value of $100,000, which Jones would have otherwise purchased.
At what amounts would Jones classify and record these transactions?
| | Unrestricted
revenue
| Temporarily restricted
revenue
|
|---|
|
a. | $875,000 | $500,000 | |
b. | $975,000 | $500,000 | |
c. | $1,375,000 | $0 | |
d. | $975,000 | $0 |
|
