For the 20X7 fall semester, Brook Public University assessed its students $4,000,000 (net of refunds), covering tuition and fees for educational and general purposes. However, only $3,700,000 was expected to be realized because tuition remissions of $80,000 were allowed to faculty members’ children attending Brook, and scholarships totaling $220,000 were granted to students.

The following information pertains to interest received by Beech Public University from endowment fund investments for the year ended June 30, 20X8:

Expended for

Received

Current Operations

Unrestricted

$300,000

$100,000

Restricted

500,000

75,000

What amount should be credited to endowment income for the year ended June 30, 20X8?

a. $800,000

b. $375,000

c. $175,000

d. $100,000

Public and private schools, multiple choice. Select the best answer for each of the following multiple-choice items dealing with universities: