7. A required transfer of $2,770,000 is made from the unrestricted current fund to cover redemption of the first serial bond of $2,000,000 plus interest. 8. Payments are made for the bond principal...

7. A required transfer of $2,770,000 is made from the unrestricted current fund to cover redemption of the first serial bond of $2,000,000 plus interest.

8. Payments are made for the bond principal and interest in item (7).

9. Gifts of land and a building were received, appraised at $200,000 and $350,000, respectively. The state’s leading industrialist made the gift on condition that the university would assume a $90,000 mortgage on the property.