1. During a recent fund-raising campaign, volunteers spent roughly 1,000 hours soliciting donations from the public. The minimum hourly wage rate in Buana Fide's main area of operation is $15.00 per hours
2. The Pritchard Family Foundation provided a one-time grant of $1,000,000 with instructions to invest the funds in interest-bearing securities. The income from the securities can be used for covering operating costs. This amount was immediately invested in 6% bonds. Interest amounting to $30,000 was received.

Prepare the necessary journal entries to record these transactions assuming that the deferral method of accounting for contributions is used. Note: if a journal entry is not needed, state your reason.