College Place Academy is a private, religious high school that started in July, 2019. It has the following transactions during the fiscal year ended 6/30/20.

1. Founding board members contributed $1 million of cash, $200,000 of which the board set aside for a maintenance "endowment." The rest of the donation was unrestricted.

2. A CPA firm assisted in getting incorporated and obtaining tax-exempt status from the IRS. The value of the services was $12,000 but the firm only billed $8,000. The bill included a note stating that the $4,000 difference was a "gift" to the school. The $8,000 bill was paid.

3. Paid $600,000 for a building.

4. Received $100,000 cash from Blue Mountain Foundation for a permanent scholarship endowment.

5. Tuition bills of $400,000 were sent out to parents, of which $395,000 was received in cash.

6. Paid $450,000 of faculty/staff wages by using $440,000 cash and $10,000 from a bank credit line (LOC Payable).

7. Paid $20,000 for supplies, all of which were used up before 6/30/20.

8. Interest income of $22,000 was received, $5,000 of which was earned by the scholarship endowment.

9. Granted $4,000 of student scholarships to those students whose parents can't pay by applying $4,000 to their receivable accounts.

10. A donation of $12,000 was received for faculty professional development, consisting of $3,000 cash ($2,000 of which was spent right away on seminars) and a $9,000 unconditional promise to give before the fiscal year ended.

11. Recorded depreciation on the building of $16,000.

Instructions: Complete the following.

1. MAKE a Statement of Financial Position for CP Academy in good form according to GAAP, as of 6/30/20.

2. MAKE a Statement of Activities for CP Academy in good form according to GAAP, for year-ended 6/30/20, showing changes in unrestricted, temporarily-restricted, and permanently-restricted net assets.

3. In two-three sentences, briefly evaluate the health of this NFP after its first year (including sustainability)