Assume that The Portland Nature Center, a private not-for-profit organization, started the fiscal year ending December 31, 2020 with $57,211 in donor restricted net assets. The amounts are restricted for the following:restricted for educational programs relating to preservation of wetlands $15,000.restricted for future equipment purchases $16,000 (Fixed assets are recorded as unrestricted when acquired) and a promise to provide $5,000 each of the next six years for general support. Assume the pledge was made on December 31, 2019 and the present value of six (January 1) payments discounted at 4% is $26,211. During the fiscal year ended December 31, 2020, the following transactions occur: (a) The first $5,000 installment on the pledge receivable was received.(b) Expenses related to educational programs on conservation of wetlands were incurred and paid in the amount of $16,800.(c) The $16,000 received in a prior year for equipment, together with an additional $25,500 was used to acquire equipment.(d) Interest of 5% is recorded on the remaining balance of the pledge receivable. Prepare the journal entries necessary for the above transactions: