The following are selected transactions of the specific-purpose fund, the plant fund, and the endowment fund of Toddville Hospital, a not-for-profit entity: 1. Received in the endowment fund new permanent endowments totaling $150,000 and new term endowments totaling $120,000.
2. Received in the plant replacement and expansion fund pledges of $1,500,000 for the new wing and estimated uncollectibles at 10 percent.
3. Received in the specific-purpose fund gifts of $50,000 for research and $30,000 for education.
4. Received the following interest and dividends on investments:
Endowment fund (permanent) $100,000
Plant fund 45,000
Specific-purpose fund (research) 31,000
This year’s interest and dividends in the endowment fund have a donor-imposed permanent restriction.
5. Notified that the specific-purpose fund in the general fund had fulfilled the agreements related to restricted gifts as follows:
Research $55,000
Education 32,000
Transferred cash of $70,000 to the general fund with the balance to be sent later.
6. Made the following investments:
Endowment fund $270,000
Plant fund 160,000
Specific-purpose fund 75,000
Required:
Prepare appropriate journal entries for the transactions in the specific-purpose fund, plant fund, and endowment fund.