A Private,not-For-Profit University Received Donations of $1,000,000 Cash in 2011

question 23

Essay

A private,not-for-profit university received donations of $1,000,000 cash in 2011 that were restricted to certain research projects on sustainability,with an emphasis on reducing the campus waste.The university incurred and paid $450,000 of expenses on this research in 2011.
In 2011,an alumnus contributed a $700,000 endowment for energy research with all endowment income restricted for that purpose.Income totaled $35,000 for the year.Energy research expenses incurred and paid were $22,000.
Required:
Prepare the appropriate journal entries for the university for these transactions.

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Definitions:

Ethical Principle

A fundamental guideline or value system that directs moral decisions and actions.

Autonomy

The right or condition of self-government, often relating to personal decision-making, independence, and the ability to act according to one's own principles.

Self-Mutilating

The act of deliberately harming or injuring oneself without intent of suicide, often as a way to deal with emotional distress.

Right to Privacy

The entitled freedom of individuals to keep their personal affairs confidential and to make decisions about their personal life without intrusion.