Good Hope, a private not-for-profit voluntary health and welfare organization, received a cash donation of $500,000 from Mr. Charles Peobody on November 15, 2005. Mr. Peobody directed that his donation be used to acquire equipment for the organization. Good Hope used the donation to acquire equipment costing $500,000 in January of 2006. For the year ended December 31, 2005, Good Hope should report the $500,000 contribution on its
- Statement of activities as unrestricted revenue.
- Statement of financial position as temporarily restricted deferred revenue.
- Statement of financial position as unrestricted deferred revenue.
- Statement of activities as temporarily restricted revenue.