The following gifts are received in 2016 by a not-for-profit entity:I. $2,000 specified by the donor to be used to pay salaries.II. $10,000 specified by the donor for new conference room furniture.III. $5,000 specified by the donor to be held for one year before being expended.The salaries are paid in 2017 and the conference room furniture is purchased in 2016. The donor did not specify any time restriction on holding the conference room furniture.What amount should be reclassified on the Statement of Activities for 2017 from the Temporarily Restricted column to the Unrestricted column?
A. $12,000.
B. $7,000.
C. $5,000.
D. $2,000.
E. $10,000.
Answer: B
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