The following transactions occurred during the year.

a$.$ Charges students $$1\mathrm{.}2$ million for tuition and fees.

b$.$ Receives a donation of equity investments that had cost the owner $$100,000$ but are worth $$300,000$ currently. According to the

terms of the gift, the university must hold the investments forever but can spend the dividends for any purpose. Any changes in

the value of these securities must be held forever and cannot be spent.

c$.$ Receives a cash donation of $$700,000$ that must be spent to acquire laboratory equipment.

d$.$ Awards scholarships to students in the amount of $$100,000.$

e$.$ Pays salary expenses of $$154,000($teaching$),$ $$80,000($research$),$ $$50,000($administrative$),$ and $$40,000($fundraising$).$

$f.$ Learns that a tenured faculty member is contributing his services for this year and will not accept his $$80,000$ salary. His time is

$70$ percent teaching and $30$ percent research.

g$.$ Spends $$200,000$ of the money in $($c$)$ on laboratory equipment. The donor had made no specifications about the recording of

the acquisition. The equipment is used $80$ percent of the time for research and $20$ percent of the time for teaching.

$h.$ Learns that the investments in $($b$)$ are worth $$344,000$ at the end of the year.

i$.$ Receives cash dividends of $$9,000$ on the investments in $($b$).$

j$.$ Computes annual depreciation expense of $$32,000$ on the equipment in $(g).$

$k.$ The school's board of trustees votes to set aside $$100,000$ of previously unrestricted cash for the future purchase of library

books.

I. Receives an unconditional promise of $$10,000$ halfway through the year. The school expects to collect the money in three years.

The $$10,000$ future payment has a present value of $$7,513$ based on a reasonable annual interest rate of $10$ percent.

$m.$ Receives an art object as a gift. It is worth $$70,000.$ For financial reporting, it qualifies as work of art$/$museum piece. The school

prefers not to record such gifts unless required.

n$.$ Pays utilities and other general expenses of $$88,000($teaching$),$ $$45,000($research$),$ $$43,000($fundraising$),$ and $$50,000$

$($administrative$).$

o$.$ Receives free services from alumni who come to campus each week and put books on the shelves in the library. Over the course

of the year, the school would have paid $$103,000$ to have this work done.

p$.$ Near the end of the year, the school receives a cash pledge of $$40,000$ to be collected in two years. It is judged to be

conditional and has a present value of $$31,200.$

Prepare journal entries for each transaction.

Determine the end$-$of$-$year balances for net assets without donor restrictions and net assets with donor restrictions by creating a statement of activities for the period. The school has two program services: education and research. It also has two supporting services: fundraising and administration.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Enter your answers in

dollars not in millions and round your answers to the nearest whole dollar amount.