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:

Steinbock

Likely refers to an individual prominent in their field, such as Bonnie Steinbock, a noted bioethicist, requiring more context for a specific definition.

Morally Distasteful

Actions or behaviors that are considered ethically wrong or in poor taste.

Banned

Prohibited by law or policy from being sold, used, or engaged in.

ART

Assisted Reproductive Technology; techniques used to help achieve pregnancy through artificial or partially artificial means, such as IVF (In Vitro Fertilization).