1,2 28. Preparation of not-for-profit journal entries for not-for-profit The Concord Historical Society is a not-for-profit organization whose mission is the preservation of Concord's historical treasures. During the year, the Society recorded a number of financial activities. Prepare journal entries for each of the following activities: a. The Society 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) ......... $16,800,000 1,950,000 115,200 460,800 b. The Society recognized program expenses of $15,600,000 and expenses related to support activities of $2,220,000, both on account. Of the program expenses, $1,200,000 was paid from net assets with donor restrictions and used in compliance with the donor's stipulations. The Society acquired $780,000 of long-term assets during the year and recorded $540,000 of depreciation expense (record the net increase in long-term assets to the plant, property and equipment, net account). Depreciation expense will be allocated to program and support expenses at the end of the year. The Concord Historical Society purchased $360,000 of investments during the year. The Society collected $18,000,000 of contributions receivable and used the cash to pay $17,400,000 of accounts payable. d. e