A private,not-for-profit university received donations of $1,000,000 cash in 2014 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 2014.
In 2014,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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The Answer of A private,not-for-profit university received donations of $1,000,000 cash in 2014 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 2014.
In 2014,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.

A Private,not-For-Profit University Received Donations of $1,000,000 Cash in 2014