In the last fiscal year, you received notification that your…
In the last fiscal year, you received notification that your not-for-profit organization has been named in the will of one of your long-time benefactors who has passed away. The will stipulates that the funds must be used to improve the buildings in your not-for-profit organization’s summer camp. The lawyer told you that you would receive $300,000 and you recorded the appropriate journal entry at this time. However, the not-for-profit received a check for $312,000, $12,000 more than you had expected. Which of the following journal entries should be recorded?