Buana Fide Is a Local Charity Which Received the Following $\bullet$

Buana Fide is a local charity which received the following donations during 2020:
$\bullet$ A local radio station donated air time valued at $20,000. If the air time had not been donated, Buana Fide would have purchased it and used it for advertising a fundraising event and silent auction.
$\bullet$ An anonymous donor donated land with a fair value of $50,000 as well as machinery valued at $4,000.
$\bullet$ During a recent fund-raising campaign, volunteers spent roughly 1,000 hours soliciting donations from the public. The minimum hourly wage rate in Buana Fide's main area of operation is $8.00 per hour.
Prepare the necessary journal entries to record these transactions assuming that the deferral method of accounting for contributions is used. Note: if a journal entry is not needed, state your reason.