A private college received an offer from a CPA who is an alumnus to teach a one-semester advanced accounting course at no cost. ASC 958 prescribes that this contribution of service:
A. need only be disclosed in the footnotes to the financial statements.
B. need not be recorded if the service is for a period less than one academic year.
C. be recorded as an asset with an equivalent amount recorded in the unrestricted fund balance.
D. be recorded as a revenue with an equivalent amount recorded as an expenditure.
Answer: D
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