The Evangelical Private School follows FASB standards of accounting and reporting. Record journal entries for the following

transactions during the year ended June $30,2020.$

Cash contributions were received as follows: $($a$)$ $$968,000$ for any purpose desired by the school; $($b$)$ $$300,000$ designated by donors

for salary supplements for school faculty; $($c$)$ $$417,000$ designated by donors to be used during the next fiscal year in any manner

desired by the school; $($d$)$ $$550,000$ designated by donors for the construction of a new auditorium; and $($e$)$ $$400,000$ designated by

donors to be invested permanently, with the income to be used as desired by the school. The school's policy is to record all

restricted gifts as with donor restrictions and then reclassify when the restriction is lifted.

The school expended $$400,000$ of the $$968,000$ mentioned in $1($a$)$ for school furniture.

The school expended the $$280,000$ for salary supplements as directed by the donor in $1($b$).$

The $$417,000$ in $1($c$)$ was retained for use next year, as directed by the donor.

$$780,000$ was expended for the construction of the new auditorium.

The $$400,000$ mentioned in $1($e$)$ was invested permanently, as directed by the donor, and in the year ended June $30,2020,$ the

school received interest of $$19,000,$ none of which was expended.