Dunmore College is a private school and is operated as a not$-$for$-$profit organization. During $2023,$ the school received

$$4,000,000$ in private donations from individuals to establish a scholarship fund for its students. The principal amount of the

fund must be invested in government bonds. The interest on the fund can only be used to provide scholarships to students. For

the year ended, December $31,2023,$ the fund earned interest of $$160,000$ and scholarships totaling $$120,000$ were awarded to

students in need.

On January $1,2023,$ a local businessperson donated a small bus to the school. The bus seats $20$ people and was worth

approximately $$80,000$ at the time of the donation. It has an estimated life of six years with a residual value of $$20,000.$ The

school amortizes capital assets using the straight$-$line method.

Required:

$($i$)$ Prepare the journal entries for $2023$ to capture all activities related to the scholarship fund, assuming the school

uses the deferral method and it does not have a separate endowment fund for the scholarship.

$($ii$)$ Assume the school wishes to record the value of the donated bus. Prepare the journal entries for $2023$ to capture

all activities related to the donated bus, assuming the school uses the deferral method and does not have a

separate capital asset fund for the donated bus.

$($iii$)$ Prepare the journal entries for $2023$ to capture all activities related to the scholarship fund, assuming the school

uses the restricted fund method and records all entries in a separate endowment fund for the scholarship.