119.What accounts appear in the equity section of the balance sheet for a college, assuming the college is:
A. Public – government owned
B. Private not-for-profit
C. For Profit - Investor owned business
120.Identify the primary financial reporting body for each of the following forms of college or university
A. Private not-for-profit
B. For Profit - Investor owned
C. Public – government owned
121.On January 1, 2014, Antioch College, a private not-for-profit college, received $8,000,000 in cash to purchase an electron microscope. The microscope was delivered on July 1, 2014 and payment was made. The microscope is expected to last 10 years and has no salvage value at the end of that time. The fiscal year end is December 31.
a. Record the journal entries required on January 1, July 1, and December 31, 2014 to record the receipt of the cash, the purchase of equipment, and one half year's depreciation, assuming the plant assets are recorded as unrestricted assets at the time of purchase.
b. Record the journal entries required on January 1, July 1, and December 31, 2014 to record the receipt of the cash, the purchase of equipment, and one half year's depreciation, assuming the plant assets are recorded as temporarily restricted assets at the time of purchase.