Prepare in general journal form the entries required for each of the following selected transactions of Northern University, a state-funded public institution engaged only in business-type activities. Some of these transactions are related and some are not.
1) A generous alumnus donated $300,000 that can only be used for diabetes research (see item 1 above).
2) During FY 2014, expenses of $150,000 were made in cash for diabetes research (see item 1 above).
3) $2,000,000 in long-term bonds was issued to construct a new parking garage on campus.
4) During FY 2014, the parking garage (see item 3 above) was partially completed at a total cash expenditure of $1,800,000.
5) During 2014, interest was paid in the amount of $120,000 on the long-term bonds issued for the parking garage project (see item 3 above).