Business, 18.12.2019 04:31, jasperc2002owy5b5

Ahigh-tech firm pledged to contribute $1 million in the company’s common stock to a university’s business school if the school would establish a new program in the management of information technology. the securities were to be placed in an endowment fund, and the annual dividend earnings were to be used to purchase computer hardware and software.
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.

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Ahigh-tech firm pledged to contribute $1 million in the company’s common stock to a university’s bus...