A not-for-profit entity received funds to be spent specifically on playground equipment for one of the entity's daycare centers. Which of the following statements are true?
1) The donor restricted net asset class will report an expense for the equipment.
2) A reclassification entry is required when the equipment is purchased.
3) Revenue is not recorded until the equipment is purchased.
4) The expense for the equipment will be reported in the donor without restrictions net asset class.