36. Gray College, a private not-for-profit institution, received a contribution of $100,000 for faculty re- search. The donation was received in Year 5 and $80,000 was spent in Year 5. As a result of...

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Extracted text: 36. Gray College, a private not-for-profit institution, received a contribution of $100,000 for faculty re- search. The donation was received in Year 5 and $80,000 was spent in Year 5. As a result of these transactions, Gray College should report on its Year 5 statement of activities a: a. $20,000 increase in temporarily restricted net assets. b. $100,000 increase in temporarily restricted net assets. c. $80,000 increase in temporarily restricted net assets. d. $100,000 increase in unrestricted net assets.