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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 year. 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 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. 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 $150,000 (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. n. Learned that the investments in (b) are worth $340,000 at the end of the year. 1 Received cash dividends of $9,000 on the investments in (b). j. 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 financial reporting, it qualifies as work of art/museum piece. The school refers not to record such gifts unless required. n. Paid utilities and other general expenses of $84,000 (teaching). $45,000 (research), $43,000 (fundraising), and $50,000 (administrative) o. Received 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 received 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. Required: a. Prepare journal entries for each transaction. (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.) View transaction list Journal entry worksheet 3 4 5 6 7 Investment income (with donor restrictions) Record $1.2 m Investment income (without donor restriction) Investments Net assets with donor restrictions-reclassification Note: Enter debits L Net assets without donor restrictions-reclassification Transaction Credit Pledge recelvable Tuition receivable Tuition revenues and fees (donor restriction) 1,200,000 1,200,000 Record entry Clear entry View general journal b. 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. (Negative amounts should be indicated by a minus sign. Enter your answers in dollars not in millions and round your answers to the nearest whole dollar amount.) Net Assets Veithout vonor Restrictions Net Assets with ponor Restrictions Exchange revenues and gains Tuition Scholarships Unrealized gain on investments Dividend revenues Contribution revenue Cash and other assets Pledges Interest Services Total revenues, gains, and contributions Net assets released from restriction Totals Operating Expenses Salaries Teaching Research Administrative Fund raising Depreciation Teaching Research Utilities and other expenses Teaching Research Fundraising Administrative Total expenses Increase in net assets Net assets-beginning of year Net assets-end of year