Question: Make entries in general journal form for the following transactions for a certain public university.
[A] The university was rewarded a federal grant in the amount of $1,800,000 to be used for a particular research project. During the year the entire $1,800,000 was received & operating cost for the particular project totaled $1,000,000.
[B] Ira Beaker, a renowned chemist & alumnus, give $7,000,000 to be used for the making of new chemistry building to be named Beaker Hall. The gift is to be paid to the university in equal installments over a two (2) year period; the sum for the current year was earned in cash.
[C] Cash outlays of $2,750,000 were made during the year for creation in progress on the new chemistry building. Other construction projects completed during the year amounted to $1,500,000 for buildings & 500,000 dollar for improvements other than buildings. There was no debt financing used for these projects.
[D] During the year bonds with a face price of $180,000 were retired.