Previously a local charity received a $1 million gift, the income from which was restricted to support activities for senior citizens. During the current year the endowment earned $40,000 of interest revenues, of which the charity designated $30,000 to support senior citizen activities. On its year-end statement of financial position, the charity would report permanently restricted net assets of:
a) $1 million.
b) $1.04 million.
c) $1.03 million.
d) $1.01 million.
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