d. Construction of the building is completed at an additional cost of $18,000,000. Payment is made for $16,000,000; the balance will be paid in one year under a retained percentage agreement....

d. Construction of the building is completed at an additional cost of $18,000,000. Payment is made for $16,000,000; the balance will be paid in one year under a retained percentage agreement. Institutional policy is to release donor restrictions when assets are placed in service.

e. The first bond serial payment of $2,000,000 plus interest is paid on December 31.

f. A gift of land and a building was received, appraised at $200,000 and $350,000, respectively. The gift was made on the condition that the university assume a $90,000 mortgage on the property. The university assumed the mortgage.