1,2 27. Preparation of journal entries for a not-for-profit organization The Brewster Boosters is a not-for-profit organization that supports the Brewster White Caps baseball team in the summer Cape Cod League for college-aged baseball players. During the year, the organiza tion recorded a number of financial activities. Prepare journal entries for each of the following activities The organization recognized the following support and revenues (the contributions are all on account and the investment returns are in cash): . . . . . . . Support-contributions (without donor restrictions)... Support contributions with donor restrictions)...... Revenues-investment (without donor restrictions).... Revenues-investment (with donor restrictions) ... $1,120,000 130,000 7,680 30,720 Brewster Boosters recognized program expenses of $1,040,000 and expenses related to support activities of $148,000, both on account. Of the program expenses, $80,000 was paid from net assets with donor restrictions and used in compliance with the donor's stipulations. The organization acquired $52,000 of long-term assets during the year and recorded $36,000 of depreciation expense (record the net increase in long-term assets to the property, plant and equipment, net account). The depreciation expense will be allocated to program and support expense categories at the end of the year. d. Brewster Boosters purchased $48,000 of investments during the year. e. The organization collected $1,200,000 of contributions receivable and used the cash to pay $1,160,000 of accounts payable