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3. Assume Ponce Art Museum (which has a December 31st year end) received the following contributions in 2017. Prepare journal entries to record these events and any year-end adjusting journal entries resulting from the events. (a) Without donor restriction 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 without donor restriction net assets. (d) On April 1, 2017, 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%). V S 3. Assume Ponce Art Museum (which has a December 31st year end) received the following contributions in 2017. Prepare journal entries to record these events and any year-end adjusting journal entries resulting from the events. (a) Without donor restriction 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 without donor restriction net assets. (d) On April 1, 2017, 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%). V S

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