Theresa Johnson does volunteer work for a local not-for-profit organization as a community service. She replaces without charge an administrator who would have etherwise been paid $31,000. Which of the following statements is true?
a. The organization should recognize a restricted gain of $31,000.
b. The organization should recognize a contribution of $31,000 as an increase in unrestricted net assets as well as salary expense of $31,000.
c. The organization should recognize a reduction in expenses of $31,000.
d. The organization should make no entry.
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