ASSIGNMENT-FINAL EVALUATION V&V is a non profit organization whose mission is to provide service and help the blind, deaf and mute. December 31, 2019, it presented the following ADJUSTED trial balance, before year end closing entries Account Description 101 Cash 102 Accounts receivable 103 Allowance for doubtful accounts 104 Prepaid expenses 105 Property, plant & equipment 106 Accumulated depreciation 201 Bank loan 2019 Debit Credit 23 166 242 204 1158 4259 638 913 472 075 175 000 202 Accounts payable 203 Salaries and remittance payable 204 Miscellanous loans 205 Current portion of long term debt Long term debt 301 Invested in capital assets-opening 279 840 60 368 428 516 45 339 48395 105 952 302 Unrestricted-opening 716 617 401 Government grants 402 Donations/contributions 403 Service revenue 1067 190 102 209 643 241 404 Other revenues 36 308 501 Salaries and remittance 1206 739 502 Professional fees 190 175 503 Rent 504 Depreciation 505 Traveling 174 442 39 069 29 905 506 Telecommunication 50480 507 Office supplies 61613 508 Insurance 8354 509 Training 510 Bad debt 511 Marketing 16958 1158 16 550 512 Interest and bank fees 44 989 3 465 591 3465 591 December 31, 2020, its following year end. V&V presents the following UNADJUSTED trial balance 2020 Account & Description Debit Credit 101 Cash 102 Accounts receivable 126 793 192 660 103 Allowance for doubtful accounts 1158 104 Prepaid expenses 4461 105 Property, plant & equipment 638 913 106 Accumulated depreciation 472 075 201 Bank loan 25 000 202 Accounts payable 559 072 203 Salanes and reminance payable 23 754 204 Miscellanous loans 219 445 205 Current portion of long term debt 149 273 206 Long term debt 126 118 301 Invested in capital assets-opening 166 884 302 Unrestricted opening 769 034 401 Government grants 794 809 402 Donations/contributions 403 Service revenue 404 Other revenues 176 109 647 127 44 643 501 Salaries and remittance 986 619 598 Professional fees 503 Rent 504 Depreciation 505 Traveling 506 Telecommunication 507 Office supplies 508 Insurance 509 Training 237 291 181 454 20726 72950 48 854 11213 6946 510 Bad debt 511 Marketing 512 Interest and bank fees. 15 741 91762 3 405 467 3 405 467 In 2020, the following activities occured and the related joumal entries were not yet recorded as of December 31, 2020: 1. On March 19, 2020, V&V bought a new computer equipments for a total amount of 33 153$. This amount was internaly restricted for that particular purpose. 2- This computer equipment bought by V&V is depreciated using the straight line method over a period of 3 years. As of December 31, 2020, the computer equipment of 139135 as of December 31, 2019 (prior to the purchase of the new computer equipment in 1-) is fully 3- V&V got a confirmation of a provincial govemment grant of 125 000$ in September 2020. They estimate they will received a check for payment of the grant money in March 2021. There are no restriction on this grant. 4- V&V estimated that 50 973$$ of their accounts receivable for 2020 have small chance of being recovered. 5- In February 2020, V&V received a promise for a donation of 10 000$ from its founder. It was paid cash to V&V in November 2020. There was no restriction on this donation. 6- V&V received a restricted contribution (donation) of 75 000$ on January 1, 2020 for building renovations that will increase its useful life. The renovation were completed January 31, 2020. ADDITIONAL INFORMATION Property, plant & equipment details as of December 31, 2019 is as follow Property, plant & equipment - 2012: Cost Accumulated depreciation Net Book Value Depreciation method Computer equipment Office equipment Building 13 913 50 000 575 000 10 280 36 944 424 852 3633 13 056 150 148 Straight line-3 years Declining method-20% Declining method-4% 638 913 472 076 166 837 REQUIRED: A) B) C) Prepare V&V December 31, 2019 year end's balance sheet and income statement, Set up the listed T-accounts for 2020 and prepare journal entries related to the activities not yet recorded as of December 31, 2020 Journalized and post 2020's unrecorded journal entries into your T-accounts; D) Prepare the ADJUSTED trial balance as of December 31, 2020 E) F) Prepare comparative balance sheet, income statement and statement of change in net asset as of December 31, 2020 showing the comparative balances as of December 31, 2019 (first column for 2020 et and second column for 2019, for each statements). Take into account that the opening balance of Invested in capital assets in 2019 is 105 952$ (credit balance) and Unrestrited is 716 617 (debit balance) as outlined in the adjusted trial balance as of December 31, 2019 shown above; Prepare the net book value details of Property, plant and equipment on the same format as shown for 2019 in the unrecorded activity 7 above. Provide your answer in the same format. G) H) Using your comparative statements prepared in E), prepare the statement of cash flow as of December 31, 2020. You do not need to present the comparative figures as of December 31, 2019 in the cash flow statement. After closing the accounts, prepare the closing trial balance as of December 31, 2020 (or the opening trial balance as of January 1, 2021)