The McCallum Health Care Corporation$($MHC$)$ is a NEPO providing health care services to senior citizens who have chosen to live in their own homes. MHC began operations on January $1.2022$ with an endowment of $$2,000,000$ from a wealthy senior citizen. MHC has guaranteed financing from its provincial government to cover operating costs of $$600,000$ per year for the next $10$ years.

MHC is permitted to spend any income earned on its endowment for any activities it chooses, but it is not permitted to spend any of the $$2,000,000$ endowment. During $2022,$ it earned $$100,000$ in interest on its endowment. In addition on January $15.2022,$ a local car dealer donated $3$ minivans with a total value of $$90,000.$ These minivans provide essential transportation for MHC$\text{'}$s healthcare workers and MHC plans to amortize the vans on a straight$-$line basis over their expected useful lives of $6$ years each.

Required:$-$a$.$

Provide the journal entries required to record the endowment contribution of $$2,000,000,$ the government contribution of $$600,000$ and the interest on the endowment contribution under the restricted fund method of accounting. Assume MHC uses only two funds$($an endowment fund and an operation fund$)(5$ marks$)$

Disregard your answer to part$($a$)$ and assume that MHC has decided to use the deferral method of accounting and maintains only an operating fund. Provide the journal entries required in $2022$ to record the endowment contribution of $$2,000,000($ignore related interest of $$100,000).$ In addition, provide all journal entries for the $2022$ year relating to the minivans$(5$ marks$).$