Public and private schools, multiple choice. Select the best answer for each of the following multiple-choice items.
The following funds were among those held by State College at December 31, 20X1:
|
Principal specified by the donor as nonexpendable |
$500,000 |
|
Principal expendable after the year 20X9 |
300,000 |
|
Principal designated from unrestricted net assets |
100,000 |
What amount should State College classify as permanently restricted endowments?
a. $100,000
b. $300,000
c. $500,000
d. $900,000