e. During the year, unrestricted cash gifts of $80,000 were received from alumni. Tree’s board of trustees allocated $30,000 of these gifts to the student loan fund. f. During the year, restricted...

e. During the year, unrestricted cash gifts of $80,000 were received from alumni. Tree’s board of trustees allocated $30,000 of these gifts to the student loan fund.

f. During the year, restricted fund investments costing $25,000 were sold for $31,000. Restricted fund investments were purchased at a cost of $40,000. Restricted fund investment income of $18,000 was earned and collected during the year. This income is restricted for an ongoing research project.