P 22-4 Journal entries and statement of activities—Nongovernmental not-for-profit college The following information relates to revenues and expenses for a private not-for-profit college:

Tuition and Fees Total assessed $2,000,000 Tuition waivers 120,000 Appropriations State 800,000 Local 300,000 Auxiliary Enterprises Sales 500,000 Expenses 480,000 Endowment Income Temporarily restricted to research 70,000 Unrestricted 20,000 Private Gifts and Grants Temporarily restricted to student scholarships 300,000 Unrestricted 80,000 Expenses Instruction 2,100,000 Research 100,000 Student services 120,000 Operation of plant 180,000 Scholarships (does not include tuition waivers) 200,000 REQuIRED: Prepare journal entries and a statement of activities for the college. Assume all scholarships and research expenses were obtained from temporarily restricted funds.