The Following Events Occurred as Part of Operations in Hard

question 1

Essay

The following events occurred as part of operations in Hard Knocks (private) University:
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a.To construct a new computer center, the University floated at par a $10,000,000 10% serial bond issued on January 1, paying interest December 31 and June 30.​
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b.$100,000 for computer equipment was donated by a wealthy alumnus.​
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c.Payments for construction to date total $5,000,000.​
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d.Interest payments are made on June 30th.​
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e.Construction of the center is completed at an additional cost of $7,000,000 and it is paid in full.​f.On December 31, the first serial bond of $2,000,000 is paid along with the regular interest payment.g.A building valued at $100,000 is received as a gift on the condition the university assumes the $50,000 mortgage and uses the building for classroom purposes only.The University elects to "release" the restriction over the useful life of the building.h.Depreciation on the building totaled $10,000.Required:
Prepare journal entries for the above events.​

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