On October 1, 2020, the Voluntary Action Agency (which has a December 31 fiscal year-end) received a cash contribution of $450,000 restricted to the purchase of buses to be used in transporting senior citizens as part of the organization's "Active Seniors Program." On January 2, 2021, buses were purchased with the $450,000 cash. The buses are expected to be used for five years and have no salvage value at the end of that time. Record the journal entries on October 1, 2020, January 2, 2021, and December 31, 2021 for the receipt of cash, the purchase of buses, and one year's depreciation. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet On January 1, the Voluntary Action Agency received a cash contribution of $450,000 restricted to the purchase of buses to be used in transporting senior citizens. Prepare the journal entry to record the cash receipt and the temporary restriction. Note: Enter debits before credits. General Journal Debit Credit Event October 01 2020 the temporary restriction. 2 On January 2 of that same year, buses were purchased with the $450,000 cash. The buses are expected to be used for five years and have no salvage value at the end of that time. Record the journal entry to record the purchase. 3 On January 2 of that same year, buses were purchased with the $450,000 cash. The buses are expected to be used for five years and have no salvage value at the end of that time. Record the journal entry to record the expiration of restrictions, if any. 4 Record the depreciation on the buses