Big Research Foundation is a large not-for-profit organization that funds research into various diseases. Annual revenues are in excess of $10 million. It has an endowment fund, general, and building fund. You have just been appointed treasurer on its board, and the accountant has come to you with a variety of questions. Required: Address each of the following questions, ensuring that your advice and journal entries comply with Canadian GAAP for not-for-profit organizations. 1. Big received a large endowment of $2 million on January 31, 20X9. During the year ended 20X9, there was an interest earned of $60,000. Explain how the transaction should be reported and prepare the journal entries required to record the receipt of the endowment and the interest earned. 2. During the year, 1,500 volunteer hours were provided. The accountant has estimated that the value of this time is $37,500. The accountant stated that Big would have had to hire employees to perform the work without the volunteers. Explain how the volunteer hours should be reported and prepare the journal entries, if any, required to record the transaction. 3. A large piece of research equipment was donated to the laboratory. The value of the equipment is $250,000 and is estimated to last about ten years. Explain how the transaction should be reported and prepare the journal entries related to this donated equipment for the year