Buckwall University (BU), a private not-for-profit university, had the following transactions during the year ended June 30, 20X8: 1. Assessed students $2,000,000 for tuition for the winter semester, starting in January 20X8. 2. Received $1,000,000 from the federal government to be distributed to qualified students as loans and grants. 3. Recognized depreciation expense of $200,000 on university buildings and equipment for the fiscal year. 4. Received $1,500,000 in alumni contributions restricted to the construction of a new library building. Construction is expected to begin in September 20X8. 5. Invested the contributions received in item 4 in equity securities that had a market value of $1,650,000 on June 30, 20X8. 6. Received $75,000 of investment revenue from investments in a term endowment. The donor stipulated that the investment revenue be used to fund scholarships for qualified entering freshmen. 7. Used $60,000 of the investment revenue in item 6 to fund scholarships during the year ended June 30, 20X8. 8. Designated $250,000 of cash for refurbishing the steam tunnels used for heating the university during the winter. 9. Received from an alumnus a contribution of artwork with a fair value of $3,750,000. The donor has stipulated that the artwork be preserved, that it not be sold, and that it be on public view in the university museum. The university has a policy of recording donations of works of art and historical treasures. 10. Acquired debt securities at

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