Question & Answer: 3. Various Unrelated Transactions. Following are several unrelated transactions involving a university. •In fiscal year 2017, the university was notified…..

3. Various Unrelated Transactions. Following are several unrelated transactions involving a university. •In fiscal year 2017, the university was notified by the federal government that in 2018 it would receive a $600,000 grant for wetlands research. •The university received a $600,000 endowment. •For the fiscal year, the university recorded $3,500,000 in tuition and fees revenue. Cash refunds of $325,000 were given. •The university provided $12,600 in tuition waivers for students with outstanding academic performance. •During the year, the university constructed a new street, to allow for the expansion of its student housing efforts. The cost of the street was $1,980,000. •The biology department spent $25,000 on wetland research. •At year-end, $2,670 of estimated uncollectible tuition and fees was recorded. Using this information a.Prepare journal entries to record the foregoing transactions, assuming the university is a private institution. b.Prepare journal entries to record the foregoing transactions, assuming the university is a public institution.