The University of Danville is a private not-for-profit university that starts the current year with $700,000 in net assets: $400,000 without donor restrictions and $300,000 with donor restrictions. The $300,000 is composed of $200,000 with purpose restrictions and $100,000 that must be heid permanently. The following transactions occurred during the year: a. Charged students $1.2 milion for tuition and fees. b. Recelved a donation of equity investments that had cost the owner $100,000 but is 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 securitles must be held forever and cannot be spent. c. Received a cash donation of $700,000 that must be spent to acquire laboratory equipment. d. Awarded scholarships to students in the amount of $100,000. e. Paid salary expenses of $158,000 (teaching), $80,000 (research), $50,000 (administrative), and $40,000 (fundraising). f. Learned 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. Spent $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. Learned that the investments in (b) are worth $348,000 at the end of the year. i. Recelved cash dividends of $9,000 on the investments in (b). f. Computed depreciation expense for the year on the equipment in (g) as $32,000. k. The school's board of trustees votes to set aside $100,000 of previously unrestricted cash for the future purchase of library books. 1. Received 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. Received an art object as a gift. it is worth $70,000. For financiai reporting, it qualifies as work of art/museum piece. The school prefers not to record such gifts unless required. n. Paid utilities and other generat expenses of $92,000 (teaching), $45,000 (research), $43,000 (fundraising), and $50,000 (administrative). o. Recelved free services from alumni who come to campus each week and put books on the shelves in the library. Over the course of the yeat, the school would have poid $103,000 to have this work done. p. Near the end of the year, the school recelved a pledge of $40,000 to be collected in two years. It is judged to be conditional and has a present value of $31,200. The University of Danville is a private not-for-profit university that starts the current year with $700,000 in net assets: $400,000 without donor restrictions and $300,000 with donor restrictions. The $300,000 is composed of $200,000 with purpose restrictions and $100,000 that must be held permanently. The following transactions occurred during the yeat: a. Charged students $1.2 million for tuition and fees: b. Received a donation of equity investments that had cost the owner $100,000 but is worth $300,000 currently. According to the terms of the gitt, 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. Received a cash donation of $700,000 that must be spent to acquire laboratory equipment. d. Awarded scholarships to students in the amount of $100.000. e. Paid salary expenses of $158,000 (teaching), $80,000 (research). $50,000 (administrative), and $40,000 (fundraising). f Leamed 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. Spent $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. Learned that the investments in (b) are worth $348,000 at the end of the year. 1. Received cash dividends of $9,000 on the investments in (b). f Computed depreciation expense for the year on the equipment in (g) as $32,000 K. The school's board of trustees votes to set aside $100,000 of previously unrestricted cash for the future purchase of library books. Z Recelved 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. Received on art object as a gift. It is worth $70,000. For financial reporting, it qualifies as work of art/museum plece. The school prefers not to record such gifts uniess required. n. Poid utilities and other general expenses of $92,000 (teaching), $45,000 (research), $43,000 (fundraising), and $50,000 (administrotive) o. Received free services from alumni who come to campus eoch week and put books on the shelves in the library. Over the course of the year, the school would have pald $103,000 to have this work done: p. Near the end of the year, the schoot received a pledge of $40,000 to be collected in two years. It is judged to be conditional and hos a present value of $31,200 Required: a. Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No journal entry requi the first account field. Enter your answers in dollars not in millions and round your answers to the nearest whole dollar am Journal entry worksheet Record $1.2 million for tuition and fees charged to students. Note: Enter debits before credits. Required: a. Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No journal entry the first account field. Enter your answers in dollars not in millions and round your answers to the nearest whole doll Journal entry worksheet 67818 Record donation of equity investments that had cost the owner $100,000 but is worth $300,000 currently. Note: Enter debits before credits. Required: a. Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No journal ent the first account field. Enter your answers in dollars not in millions and round your answers to the nearest whole Journal entry worksheet Record cash donation of $700,000 that must be spent to acquire laboratory equipment. Note: Enter debits before credits. Required: a. Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No journal the first account field. Enter your answers in dollars not in millions and round your answers to the nearest who Journal entry worksheet Record the awarded scholarships to students in the amount of $100,000. Note: Enter debits before credits. Required: a. Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No journal entry required the first account field. Enter your answers in dollars not in millions and round your answers to the nearest whole dollar amou Journal entry worksheet Required: a. Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No journal entry re the first account field. Enter your answers in dollars not in miliions and round your answers to the nearest whole dollar Journal entry worksheet Journal entry worksheet 18 Record $200,000 of the money spent on laboratory equipment. The-equipment is used 80 percent of the time for research and 20 percent of the time for teaching. Note: Enter debits before credits. Journal entry worksheet 1234567 Record the reclassification entry for the purchase of equipment. Note: Enter debits before credits. Journal entry worksheet 14567818 Record increase of investments worth to $348,000 at the end of the year. Note: Enter debits before credits. Journal entry worksheet Record recelpt of cash dividends of $9,000 on the investments. Note: Enter debits before credits. Journal entry worksheet 16789 Record $32,000 depreciation expense for the year on the equipment. Note: Enter debits before credits. Journal entry worksheet purchase of library books. Note: Enter debits before credits. Journal entry worksheet Rewors the ucconctiond promise mace for 110000 hailwoy through the year ergeved to be received is thres ysers which has o present volue of $7.513 bosted on a resconstie menus lverest rate of 10 percent. Moke: derter gatwits suefoxe rasgets. Journal entry worksheet 1. 9 12 Record the interest on the pledge receivable at 10% for the haif year period on the present value of $7,513. Hotet Enter debits before credits. b. Determine the end of year balances for net assets without donor restrictions and net assets with donor met Journal entry worksheet 1.10 Recelved 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. Noter Enter debits before credits. Journal entry worksheet 1,11 18 Record the payment of utilities and other general expenses of $92,000 (teaching), $45,000 (research), $43,000 (fundraising), and $50,000 (administrative). Note: Enter debits before credits. b. Determine the end-of-year balances for net assets without donor restrictions and net assets with donor re statement of activities for the period. The school has two program services: education and research. It also services: fundraising and administration. (Negative amounts should be indicated by a minus sign. Enter yo in millions and round your answers to the nearest whole dollar amount.) Journal entry worksheet Record the receipt 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. Note: Enter debits before credits. Journal entry worksheet b. Determine the end-of-year balances for net assets without donor restrictions and net assets with donor restri statement of activities for the period. The school has two program services: education and research. It also has services: fundraising and administration. (Negative amounts should be indicated by a minus sign. Enter your in millions and round your answers to the nearest whole dollar amount.) b. Determine the end-of-year balances for net assets without donor restrictions and net assets with donor restrictions statement of activities for the period. The school has two program services: education and research. It also has two services: fundraising and administration. (Negative amounts should be indicated by a minus sign. Enter your answer in millions and round your answers to the nearest whole dollar amount.)