2. Steiner Colleges statement of financial position for the year ended June 30, 2016, is presented here. Steiner is a private college. STEINER COLLEGE Statement of Financial Position June 30, 2016 (amounts in thousands) Assets Cash and cash equivalents $ 750 Short-term investments 7,679 Tuition and fees receivable (net of doubtful accounts of $15) 245 Pledges receivable (net of doubtful accounts of $295) 5,890 Prepaid assets 1,378 Property, plant and equipment (net of accumulated depreciation of $104,440) 281,419 Investments (at fair value, cost of $165,700) 160,000 ________________________________________ ________________________________________ Total assets $ 457,361 ________________________________________________________________________________ ________________________________________________________________________________ Liabilities and Net Assets Liabilities: Accounts payable and accrued liabilities $ 21,320 Deposits held in custody for others 718 Unearned revenue 914 Bonds payable 96,000 ________________________________________ ________________________________________ Total liabilities 118,952 Net Assets: Unrestricted $ 104,200 Temporarily restricted 33,200 Permanently restricted 201,009 ________________________________________ ________________________________________ Total net assets 338,409 ________________________________________ ________________________________________ Total liabilities and net assets $ 457,361 ________________________________________________________________________________ ________________________________________________________________________________ ________________________________________ The following transaction information (amounts in thousands) pertains to the year ended June 30, 2017. 1. During the year charges for tuition and fees were $244,710; scholarships were $16,460; And tuition waivers for scholastic achievement were $5,310. After payment was received tuition refunds of $11,390 were given. Tuition waiver of $17,500 for students serving as teaching assistants for instruction were accrued. 2. The college received unrestricted cash contributions of $2,290, pledges to be collected in 2018 of $551, and cash contributions to the endowments of $350. It also collected $836 of Pledges Receivable that were unrestricted. 3. Collections on Tuition and Fees Receivable totaled $222,740. 4. Net deposits returned to students totaled $10. 5. Expenses were incurred for: Instruction $ 86,360. Academic support 23,520. Student services 37,890. Institutional support 28,710. ________________________________________ Related to the expenses incurred: prepaid assets of $546 were used, $4,791 of the expenses were accrued, and the remaining expenses were paid. Expenses incurred resulted in the release of $7,530 in temporarily restricted net assets. 6. The ending balance in Accounts Payable and Accrued Liabilities was 2,185. 7. Investment earnings received for the period were $4,170, of which $2,270 was temporarily restricted. 8. Adjusting entries for the period were made to increase Allowance for Doubtful Accounts by $13, to record depreciation expense of $26,560 (charged 70 percent to instruction and 30 percent to academic support), to adjust tuition revenue for an increase in unearned revenue of $10, and to recognize an increase in fair value of investments of $4,910 ($1,040 was related to temporarily restricted net assets, $1,800 was related to permanently restricted net assets, the remainder was related to unrestricted net assets). 9. Nominal accounts were closed. a-1 Prepare journal entries to record the foregoing transactions for the year ended June 30, 2017. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in thousands.)