government and nonprofit organizations

Questions 8, 9, and 10 are based on the following scenario: Steines College, an institution considered to be governmental in nature, had the following events occur during the year: . Tuition scholarships of $45,000 were granted during the year and $7,500 of tuition waivers were granted. An alumnus donated land valued at $750,000 for the new administration building that is planned for next year. Student aid from unrestricted resources was paid to qualifying students in the amount of $300, 750. 8. How will the tuition scholarships and waivers be reported on the college's operating statement? a. Expenses of $7,500 will be reported for the waivers, and $45,000 will be reported as revenue deduction for the scholarship allowances. b. Expenses of $52,500 will be reported. c. Revenue deductions of $52,500 will be reported. d. Expenses of $45,000 for scholarship allowances and revenue deductions of $7,500 fo tuition waivers will be reported. 9. How should the donated land be recorded in the college's general ledger? Dr. Cr. a. Capital Assets . ... $ 750,000 Restricted Net Position . $ 750,000 b. Capital Assets . ..... $ 750,000 Net Investment in Capital Assets. ..... $ 750,000 c. Capital Assets .. .... $ 750,000 Nonoperating Revenues $ 750,000 d. Capital Assets. ... $ 750,000 Capital Contributions .... $ 750,000 How should the student aid payments be recorded in the college's general ledger? Dr. Cr. a. Expenses . . . $ 300,750 Cash. . . $ 300,750 b. Revenue Allowance $ 300,750 Cash. ..... $ 300,750 c. Tuition Revenues . . $ 300,750 Cash. .............. $ 300,750 d. None of the above