A Private,not-For-Profit University Received Donations of $800,000 in 2011 That

question 35

Essay

A private,not-for-profit university received donations of $800,000 in 2011 that were restricted to capital improvements of the football stadium.The university spent $670,000 on capital improvements for the stadium in 2011 and recorded depreciation of $130,000.
In 2011,an alumnus contributed a $1,500,000 endowment for football scholarships with all endowment income restricted for that purpose.Endowment income totaled $75,000 for the year and scholarship awards were $68,000.
Required:
Prepare the appropriate journal entries for the university for these transactions.

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Definitions:

Projective Identification

A psychological term describing how individuals can project their own feelings or desires onto another person, who then identifies with those feelings.

Posthumanism

An intellectual and cultural movement that seeks to transcend traditional notions of humanity through an emphasis on technology, artificial intelligence, and the integration of human with nonhuman forms.

Nonconsciously

Relates to processes or actions that occur without conscious thought or awareness, often automatic or habitual in nature.

Forces and Energies

The physical entities or components responsible for causing motion, changes, or stability in physical systems.