Catherine College, a private not-for-profit college, received the following contributions during 2005:
- I. $5,000,000 from alumni for construction of a new wing on the science building to be constructed in 2005.
- II. $1,000,000 from a donor who stipulated that the contribution be invested indefinitely and that the earnings be used for scholarships. As of December 31, 2005, earnings from investments amounted to $50,000.
For the year ended December 31, 2005, what amount of these contributions should be reported as temporarily restricted revenues on the statement of activities?
- $ 50,000
- $5,050,000
- $5,000,000
- $6,050,000