on december 30 2005 jones notified good hope that the invoice was canceled and that 607221
On December 5, 2005, Jones Heating and Air Conditioning Service repaired the heating system in the building occupied by Good Hope, a private not-for-profit voluntary health and welfare organization. An invoice for $1,500 was received by Good Hope for the repairs on December 15, 2005. On December 30, 2005, Jones notified Good Hope that the invoice was canceled and that the repairs were being donated without charge. For the year ended December 31, 2005, how should Good Hope report these contributed services?
- Only in the notes to the financial statements.
- No disclosure is required either in the financial statements or in the notes.
- As an increase in unrestricted revenues and as an increase in expenses on the statements of activities.
- As an increase in temporarily restricted net assets on the statement of activities.