9. In 2017, the board of trustees of Bar Private University designated $300,000 from its current funds for college scholarships. Also in 2017, the university received a bequest of $500,000 from an...

9. In 2017, the board of trustees of Bar Private University designated $300,000 from its current funds for college scholarships. Also in 2017, the university received a bequest of $500,000 from an estate of a benefactor who specified that the bequest was to be used for hiring teachers to tutor handicapped students. None of the bequest has been spent. What amount should be accounted for as restricted net assets?

a. $0

b. $300,000

c. $500,000

d. $800,000