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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Definitions:

Emotions

Complex psychological states that involve three distinct components: a subjective experience, a physiological response, and a behavioral or expressive response.

Lethargic

Describes a state of sluggishness, drowsiness, or lack of energy.

Negative Affect

A mood dimension that consists of emotions such as nervousness, stress, and anxiety at the high end and relaxation, tranquility, and poise at the low end.

Emotional Intelligence

The ability to recognize, understand, and manage one's own emotions and the emotions of others.