(3 points) The American Research Council for Humanities (ARCH) began the year with the following balances Account Amount ($) Accounts Payable 27,000 Accounts Receivable, Net 26,000 Cash 10,000 Inventory 25,000 Notes Payable 270,000 Permanently Restricted Net Assets 100,000 Pledges Receivable 350,000 Property, plant, and equipment, net 350,000 Temporary Restricted Net Assets 30,000 302,000 32,000 Unrestricted Net Assets Wages Payable And it had the following financial events during the current year: (a) January 12. Received a $300,000 payment from a pledge made last year. (b) February 4. Placed an order for new cubicle partitions with 5-year useful lives for $15,000. ARCH uses straight-line depreciation. Paid a $5,000 deposit for the partitions. The partitions will be delivery later. (c) June 12. Collected $80,000 in new donations. (d) September 1. Bought $60,000 of books. 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. (e) October 15. The partitions ordered in February arrived and ARCH paid for the balance owed. (f) November 10. Borrowed $75,000 from its bank on a note payable. (g) December 5. Repaid $25,000 on the note payable and also $3,000 in interest expenses. (h) 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. (i) December 31. Book sales totaled $100,000 and the cost of the book sold was 58,000. ARCH has not collected $12,000 of the sales. The balance owed for the inventory was paid. (j) ARCH expects to collect $10,000 from the $12,000 not collected (j). (k) December 31. Depreciation of the building for the year is $40,000. Record the transactions and create the balance sheet for the current year. Prepare an activity statement