A group of civic-minded merchants in Eldora organized the Committee of 100 for establishing the Community Sports Club, a not-for-profit sports organization for local youth. Each of the committee€™s 100 members contributed $1,000 toward the club€™s capital and, in turn, received a participation certificate. In addition, each participant agreed to pay dues of $200 a year for the club€™s operations. All dues have been collected in full by the end of each fiscal year ending March 31.
Members who have discontinued their participation have been replaced by an equal number of new members through transfer of the participation certificates from the former members to the new ones. Following is the club€™s trial balance for April 1, 20X2:

Transactions for the year ended March 31, 20X3, follow:

Adjustment Data
1. Investments are valued at market, which totaled $65,000 on March 31, 20X3. There were no investment transactions during the year.
2. Depreciation for year:
Building .......... $4,000
Furniture & equipment ..... 8,000

3. Allocation of depreciation:
House expenses ...... $9,000
Snack bar & soda fountain ... 2,000
General and administrative ... 1,000
4. Actual physical inventory on March 31, 20X3, was $1,000 and pertains to the snack bar and soda fountain.

Required
a. Record the transactions and adjustments in journal entry form for the year ended March 31, 20X3. Omit explanations.
b. Prepare the appropriate all-inclusive statement of activities for the year ended March 31,20X3.

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Debit Credit $ 9,000 58,000 5,000 10,000 164,000 Cash Investments (at market, equal to cost) Inventories Land Building Accumulated Depreciation-Building Furniture & Equipment Accumulated Depreciation-Furniture & Equipment Accounts Payable Participation Certificates (100 at $1,000 each) Cumulative Excess of Revenue over Expenses Total $130,000 54,000 46,000 12,000 100,000 12,000 $300,000 $300,000 Collections from participants for dues Snack bar and soda fountain sales Interest and dividends received Additions to voucher register: $20,000 28,000 6,000 House expenses Snack bar and soda fountain General and administrative 17,000 26,000 11,000 55,000 Vouchers paid Assessments for capital improvements not yet incurred (assessed on March 20, 20X3: none collected by March 31, 20X3, deemed 100% collectible during year ending March 31, 20x4) 10,000 5,000 Unrestricted bequest received