Please help!!

E13.4 Journal Entries for Contributions Dunning College, a private college in northern Idaho, receives

the following donations:

1. A parent of a current accounting student contributes $5 million with the stipulation that the donation be used to partially fund a new building for the business school. The college does not know whether it can accumulate enough additional resources to go ahead with the project.

2. An accounting alumnus contributes $500,000 to the accounting department. The alumnus stipulates that the principal of the contribution remain intact, and any investment income be used to fund a speaker series on current accounting issues. The college invests the $500,000 in securities, and reports investment income of $15,000. The $15,000 will be used to fund speaker transportation and

fees next year. The investments are worth $497,000 at yearend.

3. A retired recruiter from a local CPA firm notifies the college that her will states that $1 million of her estate be paid to the accounting department of the college, with no restrictions on use.

4. A student donates a van valued at $20,000, specifying that the van be used to transport disabled students from their dorms to class.

5. The van in item 4. depreciates by $3,000.

6. Alumni and friends contribute $6 million to the college. The college's board of directors sets aside $300,000 of these contributions for repairs to the administration building.

Required

For each of the above items, prepare the appropriate journal entry or entries. If the item affects net assets, specify which category of net assets is affected.