1) A not-for-profit organization had the following fund balances as of January, 1 20X0 Unrestricted Net Assets $280,000 Temporarily Restricted Net Assets $90.000 Permanently Restricted Net Assets $220,000 During 20X0 the following transactions occurred: 1. Received unrestricted pledges totaled $700,000. Uncollectible pledges, estimated at 8% of $700,000, are recorded as a direct reduction to contributions. 2. Received restricted use grants (temporarily restricted pledges) total $150,000. 3. $520,000 of current unrestricted pledges is collected. 4. Office equipment is purchased for $15,000 from unrestricted funds. 5. Cash interest and dividends received are $27.000 on unrestricted investments and $5,500 on temporarily restricted investments. 6. An endowment investment (related to permanent net assets) with a value of $5,000 is sold for $6,000, resulting in a realized gain of $1,000. 7. Depreciation related to unrestricted net assets is $53,000 8. Other operating costs, paid in cash related to unrestricted net assets total $530,000 9. Donated services with a value of $4,000 are received. These services should be recorded as expenses by the organization, Based on the information above, indicate whether the following statements are "True" or "False" by circling your answers below (each answer is worth 2 points): T F A) T F The balance of cash increased by $13,500 during 20x0. B) F Unrestricted contributions for 20X0 were $704,000. C) T The balance of unrestricted net assets on December 31, 20X0 was $397,000 D) TF Net pledges receivable (restricted and unrestricted) increased by $274,000 E) T F The balance of temporarily restricted net assets on December 31, 20x0 was $240,000