150.Assume Towne Center Art Museum received the following contributions in 2015. Prepare journal entries to record these events and any year-end adjusting journal entries resulting from the events. ...

150.Assume Towne Center Art Museum received the following contributions in 2015. Prepare journal entries to record these events and any year-end adjusting journal entries resulting from the events.

(a)Unrestricted pledges of support were received in the amount of $280,000. All of these are due within the year and it is estimated that 6% will ultimately prove to be uncollectible.

(b)600 Memberships were sold to the public in the amount of $40 each. Membership provides the individual with a monthly magazine and other benefits. The estimated fair value of member benefits is $15. The member year runs from July 1 to June 30.

(c)A local carpenter donated supplies and labor with values of $25,000 and $20,000 (respectively) to construct a new exhibition area. Fixed assets are classified as unrestricted net assets.

(d)On March 1, 2015 a local businessman made a pledge payable in a future period. The pledge is restricted in purpose and has a present value of $105,000 (effective interest rate of 6%).