Problem I
(1) a Recognized in period received.
(2) b Recognized in period received. Restriction is released when expenses are incurred.
(3) a Recognized in period made.
(4) a Recorded at present value at time promise to give is received.
(5) c Endowment principal cannot be spent. Earnings are unrestricted.
(6) b Recognized in period received. Restriction released either (1) when asset is placed
in service or (2) over its useful life.
(7) f Recognized when conditions are met.
(8) a Recorded at fair value when received.
(9) a Donated services of a skilled nature that would otherwise be purchased.
(10) f Not skilled services. May be footnoted.
(11) b Recognized in period received. Restriction is released when time restriction is satisfied.
(12) b Recognized in period received. Restriction is released when expenses are incurred.
(13) d Recognized revenue as expenses are incurred for research project.
(14) b Recognized in period received. Restriction is released either (1) when asset is placed
in service or (2) over useful life of asset.
(15) a, b, or f (If collection is displayed to the public or otherwise held for exhibit, the university
is not required to recognize contributions as revenue.)