The Ombudsman Foundation is a private not-for-profit organization providing training in dispute resolution and conflict management. The Foundation had the following preclosing trial balance at December 31, 2020, the end of its fiscal year:

a. Prepare closing entries for the year-end, using separate entries for each net asset classification.

b. Prepare a Statement of Activities for the year ended December 31, 2020.

c. Prepare a Statement of Financial Position as of December 31, 2020. (Use a classified approach, providing separate totals for current and noncurrent items.)

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Debits Credits Account: 24 23,500 45,000 Accounts payable Accounts receivable (net) Accrued interest receivable Accumulated depreciation 15,500 3,250,500 109,000 Cash 35,000 Contributed services Contributions-no restrictions 2,300,000 780,000 Contributions-purpose restrictions Contributions-endowment 2,650,000 75,000 Current pledges receivable Education program expenses 1,555,000 116,000 Fund-raising expenses Investment revenue-purpose restrictions Training seminars expenses Land, buildings, and equipment Long-term investments Management and general expenses 86.000 4.456,000 5,500,000 2,690,000 365,000 448,000 Net assets without donor restrictions 1,909,000 Net assets with donor restrictions 17,500 Net gains on endowments-no restrictions Noncurrent pledges recelvable Program service revenue-no restrictions Postemployment benefits payable (long-term) Reclassification-Satisfaction of program restrictions Reclassification-Satisfaction of time restrictions 365,000 5,592,000 188,000 250,000 205,000 Reclassification-Satisfaction of program restrictions Reclassification-Satisfaction of time restrictions 250,000 205,000 Research program expenses 1,206,000 Short-term investments 750,000 Supplies inventory 32,000 $17,734,500 $17.734,500 Totals