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Preparation of financial statements for a not-for-profit organization Following is financial data for the Center for Music and Health Studies, a not-for profit organization investigating the benefits of music in the treatment of illness. Given this information, prepare the statement of activities and the statement of financial position. Without Donor With Donor Restrictions Restrictions Support-contributions $4,108,993 $1,507,885 Revenues-investment 183,224 187,530 Net assets, beginning of year 3,372,358 3,634,895 Long-term liabilities $1,383,859 Contributions receivable 1,238,657 Expenses-support 882,937 Net assets released from restriction 337,833 Cash 948, 159 Payables 827,938 Expenses-program 3,658,933 Investments 984,688 Depreciation expense (of which 80% relates to program expenses and 20% relates to support expenses) 169,582 Property, plant and equipment, net 7,323,726 Instructions: Round answers to the nearest whole number, when applicable. Use a negative sign to indicate a decrease in net assets or the release of net assets for restriction. Statement of Activities Without With Donor Restrictions Donor Restrictions Total $ $ $ Support-contributions Revenues-investment Total support and revenue Expenses program Expenses support Total expenses Net assets beginning of year Net assets end of year $ $ $ Statement of Financial Position Cash $ Investments Contributions receivable Total current assets Property plant and equipment net Total assets $ Payables $ Total current liabilities Long-term Liabilities Total liabilities Net assetswithout donor restrictions Net assetswith donor restrictions Total net assets Total liabilities and net assets $