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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The Answer of 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.

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