A group of civic-minded merchants in Eldora organized the "Committee of 100 " for the purpose of establishing the Community Sports Club, a nonprofit 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 Members who have discontinued their participation have been replaced by an equal number of new members through transfer of the participation certificates from the former members to the new ones.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, were as follows:

1. Investments are valued at market, which amounted to \(\$ 65,000\) on March \(31,20 \times 3\). There were no investment transactions during the year.
2. Depreciation for year:

3. Allocation of depreciation:

4. Actual physical inventory on March \(31,20 \times 3\), 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 Cash Investments (at market, equal to cost) Inventories Land $ 9.000 58,000 5.000 10,000 Building 164,000 Accumulated Depreciation-Building $130,000 Furniture and Equipment 54,000 Accumulated Depreciation-Furniture and Equipment 46,000 Accounts Payable 12.000 Participation Certificates (100 at $1,000 each) 100.000 Cumulative Excess of Revenue over Expenses 12,000 Total $300.000 $300.000