Record journal entries for the following transactions for Masab Private School during the year ended July 31, 2020.

1. Cash contributions were received as follows:

a. AED320,000 for any purpose desired by the school

b. AED156,000 for salary supplements for school faculty

c. AED480,000 to be used during the next fiscal year in any manner desired by the school

d. AED720,000 for the construction of a new auditorium and

e. AED100,000 to be invested permanently, with the income to be used as desired by the school .

The school policy is to record all restricted gifts as temporarily restricted and then reclassify when the restriction is lifted.

2. The school expended AED180,000 of the AED320,000 mentioned in (1a) for school furniture.

3. The school expended AED124,000 for salary supplements as directed by the donor in (1b).

4. The AED521,000 in (1c) was retained for use next year, as directed by the donor.

5. AED760,000 was expended for the construction of the new auditorium.

6. The AED100,000 mentioned in (1e) was invested permanently, as directed by the donor at 6% per year and the school received interest for four months by the year end.