10-16. ARCH began the year with the following balances (shown in alphabetical order) in their accounts: Accounts Payable $ 27,000 Accounts Receivable, Net 26,000 Cash 10,000 Inventory 25,000 Net Assets with Donor Restrictions 130,000 Net Assets without Donor Restrictions 302,000 Notes Payable 270,000 Pledges Receivable 350,000 Property, Plant, and Equipment, Net 350,000 Wages Payable 32,000 Record this information.

10-15. The American Research Council for Humanities (ARCH) had the following financial events during the current year: January 12. Received a $300,000 payment from a pledge made last year. February 4. Placed an order for new cubicle partitions with 5-year useful lives, for $15,000. ARCH uses straight-line depreciation. Payment was not yet made, and the partitions have not yet been delivered. March 1. Paid out a $50,000 grant to the Governmental Archeological Research Committee for History. This was a new grant made in the current fiscal year. May 29. Paid a $5,000 deposit for the partitions ordered on February 4. June 12. Collected $80,000 in new donations. September 1. Bought $60,000 of books ARCH has sponsored in the past to sell in its online bookstore. It paid half now, and still owes the other half, to be paid at the end of the year. ARCH has budgeted to sell the books for $100,000 total. October 15. The partitions ordered on February 4 arrived, and ARCH paid for the balance owed. November 10. Borrowed $75,000 from its bank on a note payable. December 5. Repaid $25,000 on the note payable and also $3,000 in interest expenses. December 28. Paid its employees $75,000 of wages in cash for the year, $70,000 of which was for the current year and $5,000 of which was for the outstanding balance owed. Employees earned $90,000 in wages for the year. December 31. Book sales from the internet bookstore totaled $110,000, and the cost of the books sold was $58,000. ARCH has not collected $12,000 of the sales. The balance owed for the inventory was paid. ARCH expects that it will not collect $2,000 owed to it from prior sales. December 31. Depreciation on ARCHs building for the year is $40,000.