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Record journal entries for the transactions for a private

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Problem 1: Record journal entries for the transactions below for a private, not-for-profit hospital.

1. An individual donated $1,000,000 in stock to the hospital and specified that the donation was to be used as an endowment in which only earnings can be spent, and investment earnings must be spent for treatment of cancer patients.

2. Some time later, investments in #4 had cash earnings of $60,000, which was then spent on various cancer treatments.

Reference no: EM132809960

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