Southeastern College began the year with endowment investments of $1,200,000 and $700,000 of restricted cash designated by a donor for capital additions.

During the year an additional $500,000 donation was received for capital additions. These funds, together with those contributed in the prior year, were used to purchase 150 acres of land adjacent to the university.

An alum contributed $200,000 to the permanent endowment and pledged to provide an additional $400,000 early next year. The cash was immediately invested.

By terms of the endowment agreement, interest and dividends received on the investments are restricted for scholarships. Gains or losses from changes in the fair value of the investments, however, are not distributed but remain in the endowment. During the year, $48,000 of interest and dividends were received on endowment investments.

At year-end, the fair value of the investments had increased by $7,000.

Required: Prepare journal entries to record the above transactions assuming: a. Southeastern College is a public university. b. Southeastern College is a private university.

IMPORTANT NOTE**** -

For Public University - the only choices for journal accounts are:

Capital Assets,

Endowment Investments,

Nonoperating--Additions to Permanent Endowment,

Nonoperating--Capital Grants and Gifts,

Nonoperating--Investment Income,

and Restricted Cash

IMPORTANT NOTE**** - For Private University - the only choices for journal accounts are:

Contribution Revenue - Permanently Resitricted

Contribution Revenue - Temporarily Restricted

Endowment Investments

Investment Income - Permanently Restricted

Investment Income - Temporarily Restrcted

Land, Buildings and Equipment

Pledges Receivable

Reclassification form Temporarily Restricted Net Assets,

and Restricted Cash

Hw 11 6 Southeastern College began the year with endowment Investments of $1,200,000 and $700,000 of restricted cash designated by a donor for capital additions. points 1. During the year an additional $500,000 donation was received for capital additions. These funds, together with those contributed in the prior year, were used to purchase 150 acres of land adjacent to the university- 2 An alum contributed $200,000 to the permanent endowment and pledged to provide an additional $400,000 early next year. The cash was immediately invested. 3. By terms of the endowment agreement, Interest and dividends received on the investments are restricted for scholarships. Gains or losses from changes in the fair value of the investments, however, are not distributed but remain in the endowment. During the year, $48,000 of interest and dividends were received on endowment Investments 4. At year-end, the fair value of the investments had increased by $7,000. Skipped O eBook Required: Prepare journal entries to record the above transactions assuming: a. Southeastern College is a public university b. Southeastern College is a private university. Print References Complete this question by entering your answers in the tabs below. Public University Private University Prepare journal entries to record the above transactions assuming Southeastern College is a public university. (If no entry is required for a transaction/event, select 'No Journal Entry Required" in the first account field.) Journal entry worksheet Journal entry worksheet Record the donation received for capital addition. Record the donation received for capital addition. Journal entry worksheet 3 4 5 6 7 Journal entry worksheet