On December 25 of Year 2, the entity above received a $40,000 cash gift. The donor specified that the entity hold the money for four months. If, at the end of four months, the donor still wished to do so, the money was to be given to the local Kidney Fund (a separate not-for-profit organization). However, during these four months, the donor could use the money for any other purpose. The reporting entity recorded the money as an increase in Cash and as contributed support within its unrestricted net assets.
a. What was the correct amount of unrestricted net assets at the end of Year 2?
b. What was the correct amount of total assets at the end of Year 2?
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