Southeastern College began the year with endowment investments of $$1,310,000$ and $$790,000$ of restricted cash designated by a donor for capital additions. During the year an additional $$510,000$ donation was received for capital additions. These funds, together with those contributed in the prior year, were used to purchase $150$ acres of land adjacent to the university. An alum contributed $$290,000$ to the permanent endowment and pledged to provide an additional $$510,000$ early next year. The cash was immediately invested. By terms of the endowment agreement, interest and dividends received on the investments are restricted for scholarships. Gains or losses from changes in the fair value of the investments, however, are not distributed but remain in the endowment. During the year, $$59,000$ of interest and dividends were received on endowment investments. At year$-$end, the fair value of the investments had increased by $$7,900.$ Required: Prepare journal entries to record the above transactions assuming: a$.$ Southeastern College is a public university. b$.$ Southeastern College is a private university.$$1,310,000$ and $$820,000$ of restricted cash designated by a donor for capital

additions.

$1.$During the year an additional $$516,000$ 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 $$320,000$ to the permanent endowment and pledged to

provide an additional $$540,000$ 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 $$62,000$ of interest and dividend were received on

endowment investments.

$4.$At year$-$end, the fair value of the investments had increased by $$8,500.$

Required:

Prepare journal entries to record the above transactions assuming:

a$.$ Southeastern College is a public university.

b$.$ Southeastern College is a private university.