Record the remaining journal entries (total of 3) for Luke Skywalker College, which is a Private university which follows FASB standards.
1) During the year, a donor made a cash contribution in the amount of $990,000 which the stipulation that the principal be invested permanently and that the income be used for research in biology. The cash was invested.
2) A donor made an unrestricted contribution of securities. the donor had paid $30,000 for the stock originally but on the date of the gift the stock had a fair market value of $59,000. the governing board decided to establish the gift as a permanent investment for maintenance of the light-saber making facilities.
3) By the end of the year, the investments mentioned earned $36,000 and the investments mentioned in question #50earned $17,500; both amounts were received in cash. (Be careful and pay attention to restrictions).