A private college receives the following pledges of support.
|Cash and temporary investments||$18,567||$22,108||$29,611||$10,853||$81,139|
|Loans to other funds||8,557||6,879||15,436|
|Land, buildings, and equipment, net of accumulated depreciation||283,181||283,181|
|Accounts payable||$23,024||$ 1,704||$ 24,728|
|Loans from other funds||$ 32||15,404||15,436|
|Total liabilities||$23,024||$24,537||$ 0||$205,574||$253,135|
|Net assets||$ 6,090||$ 307||$36,490||$134,434||$177,321|
|Designated by the university||1,002||10,000||11,002|
|Total fund balance||$ 6,090||$ 307||$36,490||$134,434||$177,321|
Indicate the category of net assets (unrestricted, temporarily restricted, or permanently restricted) in which each of the contributions should be recorded and the amount of revenue, if any, that should be recognized when the pledge was made. Briefly explain your response.
2) A single contribution may affect all three types of funds.
The following events and transactions relate to a single contribution.
Prepare journal entries, as necessary, to record these events and transactions. Be sure to indicate the type of fund (permanently restricted, temporarily restricted, or unrestricted) that would be affected by the entries.