The following information relates to revenues and expenses for a private not-for-profit college:

Tuition and Fees

Total assessed.................. $2,000,000

Tuition waivers................ 120,000

Appropriations

State..................... 800,000

Local.................... 300,000

Auxiliary Enterprises

Sales.................... 500,000

Expenses................... 480,000

Endowment Income

Restricted to research.............. 70,000

Unrestricted................. 20,000

Private Gifts and Grants

Restricted to student scholarships......... 300,000

Unrestricted................. 80,000

Expenses

Instruction................... 2,100,000

Research.................. 100,000

Student services................ 120,000

Operation of plant............... 180,000

Scholarships (does not include tuition waivers).... 200,000

REQUIRED

Prepare journal entries and a statement of activities for the college.