In January 2010, the Free Cancer Foundation accepted an endowment of $500,000, the income from which is restricted to promoting research related to recovery from cancer. All gains, whether realized or unrealized are available for distribution. During 2010 the market value of endowment’s investment portfolio increased to $520,000. Accordingly, at year-end $20,000 was credited to a temporarily restricted expendable fund. During 2011 the market value of the portfolio decreased to $480,000 and the foundation spent $12,000 on qualifying projects. Owing to these events and transactions, what should be the reported net asset balance of the following categories during 2011 (assuming a zero beginning balance in unrestricted net assets): a) Permanently restricted b) Temporarily restricted c) Unrestricted
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