1. Child's Play is a notforprot organization that works to introduce children to theater and the arts. At the end of FY 2017, which ended June 30, 2017, Child's Play had the following account balances (in alphabetical order): Accounts Payable Cash Equipment, net Grants Receivable, net Inventory Net Assets Prepare a transactions worksheet, balance sheet, and activity statement for FY 2018 based on the following information. (Don't forget to hik your spreadsheets, as you did last assignment!) Child's Play experienced the following financial events during FY 2018: a) b) d) On July 1, 2017, Child's Play paid $275,000 cash for new sound and lighting equipment for its children's theater. The equipment is expected to last 8 years and have a salvage value of $50,000. Equipment purchased in prior fiscal years depreciated by $12,000 in FY 2018. In early FY 2018, Child's Play was awarded a grant in the amount of $20,000. The grant was paid to the organization during the last month of FY 2018. Child's Play was awarded a second grant during FY 2018; the organization used it to start an after-school program. The total amount of the grant awarded was $140,000. Half of the grant was paid to Child's Play in FY 2018, and the remaining amount will be paid in the first two months of FY 2019. $335,000 in donations were pledged to Child's Play during FY 2018, 85% of which were collected during the fiscal year. The organization has a policy of writing off 4% of all outstanding pledges as bad debt at the end of the fiscal year. Child's Play purchased $38,000 worth of supplies on account during FY 2018. The organization mailed a check to the supplier for $28,000. In addition, it paid off its balance of $6,000 from the previous fiscal year. The organization ended the fiscal