2 The Ombudsman Foundation is a private not-for-profit organization providing training in dispute resolution and conflict management. The Foundation had the following preclosing trial balance at December 31, 2020, the end of its fiscal year: Debits Credits 23,500 $ 10 points 45,000 15,500 3,250, 500 Skipped 109,000 35,000 2,300,000 780,000 2,650,000 eBook 75,000 1,555,000 116,000 86,000 Ask 4,456,000 5,500,000 2,690,000 365,000 Trial Balance-December 31, 2020 Accounts payable Accounts receivable (net) Accrued interest receivable Accumulated depreciation Cash Contributed services Contributions-no restrictions Contributions-purpose restrictions Contributions-endowment Current pledges receivable Education program expenses Fund-raising expenses Investment revenue-purpose restrictions Training seminars expenses Land, buildings, and equipment Long-term investments Management and general expenses Net assets without donor restrictions Net assets with donor restrictions Net gains on endowments - no restrictions Noncurrent pledges receivable Program service revenue - no restrictions Post-employment benefits payable (long-term) Reclassification-Satisfaction of program restrictions Reclassification-Satisfaction of time restrictions Reclassification-Satisfaction of program restrictions Reclassification-Satisfaction of time restrictions Research program expenses Short-term investments Supplies inventory Totals 448,000 1,909,000 17,500 References 365,000 5,592,000 188,000 250,000 205,000 250,000 205,000 1,206,000 750,000 32,000 $17,734,500 $17,734,500 Required: a. Prepare closing entries for the year-end, using separate entries for each net asset classification. b. Prepare a Statement of Activities for the year ended December 31, 2020. c. Prepare a statement of Financial Position as of December 31, 2020. Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare closing entries for the year-end, using separate entries for each net asset classification. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the year-end closing entry for net assets without donor restrictions. Mc Graw Record the year-end closing entry for net assets without donor restrictions. Mc Graw