Exercise 2 (LO 1, 3, 4) Public and private universities, grants, contributions. Record the following events that affect (1) Public University and (2) Private University: of $200,000 was received to be used exclusively for defraying costs of holding a. A private grant conferences on the topic of genes. b. By year-end, $110,000 of the grant mentioned in item (a) had been applied to the purpose stipulated. c. The grant provided that amounts not awarded by year-end are to be transferred to the endowment fund. The liability to that fund is recorded. d. An alumnus, who was a former athlete, contributed $15,000 to assist in the search for a basketball coach.