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Lakeside Art Center, a Nongovernmental Not-For-Profit Entity, Receives a Contribution

Question 14

Multiple Choice

Lakeside Art Center, a nongovernmental not-for-profit entity, receives a contribution of $5 million.The donor stipulates that the contribution must be used to acquire paintings by local artists.Lakeside should classify the contribution as


A) Permanently restricted
B) Temporarily restricted
C) Committed
D) Unrestricted

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