ACCOUNTING FOR GOVERNMENTAL AND NONPROFIT ORGANIZATIONS HANDOUT PROBLEM 14 Name Score Section Problem (10 points). The following events and transactions relate to a single contribution to a private nonprofit university. EVENTS AND TRANSACTIONS RELATING TO CONTRIBUTION TO PRIVATE, NONPROFIT UNIVERSITY (a) A high tech firm pledged to contribute $1,000,000 of the company's common stock to the university's business school if the school would establish a new program in the management of information technology. The securities were to be placed in an endowment fund and the annual dividend earnings were to be used to purchase computer hardware and software. (b The business school established the program and satisfied the conditions to receive the contribution (c) The business school received the stock and placed it in an endowment fund. (d) In the first year after receiving the stock, the business school earned S30,000 in cash dividends. They were credited to an appropriate fund. (e) The business school purchased $20,000 of computer equipment. (f) The computer equipment was estimated to have a useful life of four years with no salvage value. The school charged one year's REQUIRED: Prepare general journal entries, in proper general journal form, where necessary, to record the above events and transactions. Be sure to indicate the net asset class affected by your entry. Omit explanations. Use the letter of the transaction as the transaction date