Turner fund, a voluntary health and welfare organization funded by contributions from the general public, received unrestricted pledges of $300,000 during 20x4. it was estimated that 10 percent of these pledges would be uncollectible. by the end of 20x4, $240,000 of them had been collected. it was expected that $35,000 more would be collected in 20x5 and the balance of $25,000 would be written off as uncollectible. what amount should turner include as contribution revenue in 20x4
a. $300,000
b. $275,000
c. $270,000
d. $240,00

P11.2a (lo 2, 4) fechter corporation had the following stockholders’ equity accounts on january 1, 2020: common stock ($5 par) $500,000, paid-in capital in excess of par—common stock $200,000, and retained earnings $100,000. in 2020, the company had the following treasury stock transactions. journalize and post treasury stock transactions, and prepare stockholders’ equity section. mar. 1 purchased 5,000 shares at $8 per share. june 1 sold 1,000 shares at $12 per share. sept. 1 sold 2,000 shares at $10 per share. dec. 1 sold 1,000 shares at $7 per share. fechter corporation uses the cost method of accounting for treasury stock. in 2020, the company reported net income of $30,000. instructions a. journalize the treasury stock transactions, and prepare the closing entry at december 31, 2020, for net income. b. open accounts for (1) paid-in capital from treasury stock, (2) treasury stock, and (3) retained earnings. (post to t-accounts.) c. prepare the stockholders’ equity section for fechter corporation at december 31, 2020.