on january 1, read, a nongovernmental not-for-profit organization, received $20,000 and an unconditional pledge of $20,000 for each of the next four calendar years to be paid on the first day of each year. the present value factor for an ordinary annuity for four years at a constant interest rate of 8% is 3.312. what amount of net assets with donor restrictions will the organization report on january 1?