On January 2, 20X6, Tim Brooks established a $500,000 trust at Wyndham National Bank, the income from which is to be paid to Mansfield University for general operating pur- poses. The Wyndham National Bank was appointed by Brooks as trustee of the fund. What journal entry is required on Mansfield's books?

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a. Memorandum entry only b. Cash...... Endowment Fund Balance c. Nonexpendable Endowment Fund. Endowment Fund Balance d. Expendable Funds... ....... Endowment Fund Balance (AICPA, adapted) Dr. $500,000 $500,000 $500,000 Cr. $ 500,000 $ 500,000 $ 500,000