The Following Information Is Available About the Operations for a Private,not-For-Profit

question 24

Essay

The following information is available about the operations for a private,not-for-profit university.
1.The university sold $20,000,000 of 5% bonds to finance the construction of a new building for the business school.The bonds were sold on January 1 and pay interest on December 31 of each year.The bonds were sold at par and mature in 20 years.
2.The university received $7,500,000 cash in alumni and corporate donations for the new business school building.
3.The building was constructed at a total cost of $22,000,000 and the contractor was paid in full.
4.Interest was paid on the bonds.
5.Depreciation on the new building the first year was $275,000.
Required:
Prepare the appropriate journal entries for the university for these transactions.

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Definitions:

Lesbian Women

Women who are romantically and/or sexually attracted to other women.

Statutory Rape

A legal term describing sexual activity with a minor who is below the age of consent, which is determined by law and varies by jurisdiction.

Age Of Victim

The specific age of an individual who has suffered harm or abuse, pertinent in legal and psychological analyses.