Show Entries in General Journal Form for the Following Transactions

question 17

Essay

Show entries in general journal form for the following transactions for a certain private university.
1)The university was awarded a federal grant in the amount of $1,800,000 to be used for a specified research project (determined to be a nonexchange transaction).During the year the entire $1,800,000 was received and expenses for the specified project totaled $1,000,000.
2)Ira Beaker,a renowned chemist and alumnus,donated $7,000,000 to be used for the construction of new chemistry building to be named Beaker Hall.The gift is to be paid to the university in equal installments over a two-year period; the sum for the current year was received in cash.
3)Cash outlays of $2,750,000 were made during the year for construction in progress on the new chemistry building.Other construction projects completed during the year,also financed by temporarily restricted resources,amounted to $1,500,000 for buildings and $500,000 for improvements other than buildings.There was no debt financing used for these projects.
4)During the year bonds with a face value of $180,000 were retired.