an immaterial amount of supplies remained on hand and the balance in accounts payable was $3, 8 00. 7. Volunteers contributed $15,000 of time to help with answering the phones, mailing materials, and various other clerical activities. 8. It is estimated that all of the pledges made for the 2015 year will be collected. Depreciation expense is recorded for the full year on the assets recorded in item 5. 9. E xpenses were allocated in the following percentages: public health education, 3 5 % ; community service, 2 5 % ; management and general, 20 % ; and fundraising, 20 % . 10. Net assets were released to reflect satisfaction of state grant requirements that the grant resources be used for program purposes. 11. All nominal accounts were closed to the appropriate net asset accounts. Required A. Make all necessary journal entries to record these transactions. Expense transactions should be initially recorded by object classification; in entry 10 , expenses will be allocated to functions. B. Prepare a statement of activities for the year ended December 31, 2014. C. Prepare a statement of financial position for the year ended December 31, 2014. D. P repare a statement of cash flows for the year ended December 31, 2014. E. Prepare a statement of functional expenses for the year ended December 31, 2014