As of December 31, 2016, the accounts of the Middletown Youth Center contained the following balances:

Accounts payable	$13,520
Cash	126,500
Furniture and equipment, net of accumulated depreciation of $160,000	50,000
Inventory	2,800
Investments	178,000
Permanently restricted net assets	100,000
Temporarily restricted net assets	76,600
Unrestricted net assets	167,180

During 2017, the following activities took place:

Unrestricted contributions of $395,000 and temporarily restricted contributions of $50,000 were received in cash.

Investment income in the form of interest was received in the amount of $7,200.

Temporarily restricted net assets of $10,000 were released from their restrictions due to meeting the donors requirements.

The following expenses were incurred. All but $4,000 were paid in cash:

Counseling services 139,976

Professional training 55,116

Community service 38,144

General administration 91,060

Fundraising 38,144

Total 362,440

Additional equipment of $22,000 was purchased by paying $7,000 down and issuing a note payable for the rest.

Depreciation expense of $5,000 was recorded and allocated as follows: 50% to general administration, 20% to professional training, and 10% each to counseling services, community service, and fundraising.

All outstanding accounts payable at the beginning of the year were paid.

Inventory and investments remained unchanged during the year.