Record the following transactions. Identify each as a contribution, agency, or an exchange transaction, and prepare any appropriate entries.
1. Private University coordinated its annual special event with the opening of the alumni weekend. Tickets to the special event were $200 and included a buffet (cost, $30), admission to the university symphony (cost, $30), and a reception (cost, $35). A total of 1,000 tickets were sold.
2. A local manufacturing company gave $2,000,000 to Private University to commission a study on the relationship of worker stress to chronic disease. The results of the study will be used to educate the general public.
3. Allen Corporation gave a contribution of $850,000 to Private University. Allen Corporation specifies that the gift is to be invested in perpetuity and that the income may be used by Private University to pay operating costs.
4. Local Corporation donated a building to Private College for use as new office space. The cost to Local was $750,000. The building was appraised by a professional real estate appraiser at $1,000,000, while another appraiser valued it at $1,100,000.
5. An alumna of XYZ Private College has notified the school that she will donate to the school any net proceeds in excess of $50,000 from her next novel. She stipulates that the college use her gift to buy new equipment for the writing lab.
6. Cheryl Debit, an accountant, spent Sunday afternoon at Private University sending out to alumni a mailing seeking more contributions for the building fund.
7. A very famous artist notified the local private university that she has included in her will her plans to donate all of her paintings for exhibit at the university art gallery. A copy of her will is included with her letter.
8. A grant in the amount of $400,000 from the U.S. Department of Labor and Economics was received by Private University to fund research on the impact of accounting standards. A report of research findings is to be submitted to the grantor.
9. U.S. government funds amounting to $50,000 flow to Private University to be held for students qualifying for financial aid.