Could you help explain the step-by-step process when completing the statement of activity? The journal entry and the statement of financial position has been solved. I already made the template required to complete the entries.

\begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|c|}{WildhorseLibraryStatementofFinancialPositionFebruary28,2024} \\ \hline Assets & Unrestricted & TemporarilyRestricted \\ \hline \multicolumn{3}{|l|}{ Current Assets } \\ \hline Cash & $294.000 & $83.000 \\ \hline Grants Receivable & 88.000 & \\ \hline Prepaid Expenses & 69.000 & \\ \hline Total & 451,000 & \\ \hline Investments (at market) & 1,012,000 & \\ \hline Land,BuildingandEquipment(lessaccumulateddepreciationof$58,685) & 582,000 & \\ \hline Total Assets & $2,045,000 & $83.000 \\ \hline \multicolumn{3}{|l|}{ Liabilities and Fund Balances } \\ \hline \multicolumn{3}{|l|}{ Current Liabilities } \\ \hline Accounts Payable and Accrued Expenses & $143,000 & \\ \hline Total & 143.000 & \\ \hline Long-Term Debt & 216.000 & \\ \hline Fund Balances & 1,686.000 & 83.000 \\ \hline Total Liabilities and Fund Balances & $2,045,000 & $83.000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|} \hline \multicolumn{2}{|c|}{WildhorseLibraryStatementofActivitiesforYearEndedFebruary28,2024} & \multirow[b]{2}{*}{TemporarilyRestricted} \\ \hline Support and Revenue & Unrestricted & \\ \hline \multicolumn{3}{|l|}{ Support } \\ \hline Grants & $67.000 & $0 \\ \hline Gifts & 278.000 & 83.000 \\ \hline Total & $345.000 & $83.000 \\ \hline \multicolumn{3}{|l|}{ Revenue } \\ \hline Service Fees & 22,000 & \\ \hline Book Rentals and Fines & 104.000 & \\ \hline Investment Income & 71,000 & \\ \hline Total & $197.000 & 0 \\ \hline Total Support and Revenue & $542,000 & $83.000 \\ \hline \multicolumn{3}{|l|}{ Expenses } \\ \hline \multicolumn{3}{|l|}{ Program Services } \\ \hline Circulating Library & $218.000 & \\ \hline Research Library & 92,000 & \\ \hline Exhibits & 20,000 & \\ \hline Community Services & 10,000 & \\ \hline Total & 340.000 & 0 \\ \hline \multicolumn{3}{|l|}{ Supporting Services } \\ \hline General and Administrative & 166.000 & \\ \hline Fund raising & 113.000 & \\ \hline Total & $279.000 & $0 \\ \hline Total Expenses & $619.000 & $0 \\ \hline Increase (decrease) in Net Assets & (77.000) & 83.000 \\ \hline Fund Balances-Beginning of Year & 1,763.000 & 0 \\ \hline Fund Balances-End of Year & $1,686,000 & $83.000 \\ \hline \end{tabular} The following transactions occurred during the fiscal year ended February 28, 2025. 1. Fees were billed as follows: 2 . $40,620 of the Grant Receivable was received. Another grant in the amount of $21,830 was promised. 3. Contributions in the amounts summarized below were received: 4. Investment income totaled $72,960 for the year. 5. Vouchers for the year were approved as follows: 6. During the year, $488,700 worth of vouchers were paid. Adjustment Data 7. Accounts Payable and Accrued Expenses at February 28, 2025, should be $244,080. The difference should be allocated to the following expenses: 8. Additions to the research library in the amount of $70,170 that were approved in (5) above were made in accordance with the terms of a contribution that had been received earlier and that was restricted for that purpose. 9. The current market value of the investments is $1,027.250 (no investment transactions occurred). 10. Depreciation amounted to $8.685 for the year. It should be allocated as follows: 11. Prepaid Expenses should be $63,597. The difference should be allocated to: \begin{tabular}{|c|c|c|c|c|} \hline \multirow{2}{*}{ No. } & \multicolumn{2}{|c|}{ Account Titles and Explanation } & \multirow{2}{*}{Debit147,100} & \multirow[t]{2}{*}{ Credit } \\ \hline & Cash & & & \\ \hline & \multicolumn{2}{|l|}{ Revenue-Service Fees } & & 30,790 \\ \hline & \multicolumn{2}{|c|}{ Revenue-Book Rentals \& Fines } & & 116,310 \\ \hline \multirow[t]{6}{*}{2} & Cash & & 40,620 & \\ \hline & \multirow{2}{*}{\multicolumn{2}{|c|}{GrantReceivable(Torecordgrantreceived)}} & & 40,620 \\ \hline & & & & \\ \hline & \multicolumn{2}{|l|}{ Grant Receivable } & 21,830 & \\ \hline & Support-Grants & & & 21,830 \\ \hline & \multicolumn{2}{|c|}{ (To record grant promised) } & & \\ \hline \multirow[t]{4}{*}{3} & \multicolumn{2}{|l|}{ Cash (Unrestricted) } & 217,430 & \\ \hline & \multicolumn{2}{|c|}{ Cash-Temporarily Restricted } & 97,620 & \\ \hline & Contribution-Gifts & & & 217,430 \\ \hline & \multicolumn{2}{|c|}{ Contribution-Restricted Support } & & 97,620 \\ \hline \multirow[t]{2}{*}{4} & Cash & & 72,960 & \\ \hline & \multicolumn{2}{|c|}{ Investment Income } & & 72,960 \\ \hline \multirow[t]{7}{*}{5} & \multicolumn{2}{|c|}{ Expenses-Circulating Library } & 192,650 & \\ \hline & \multicolumn{2}{|c|}{ Expenses-Research Library } & 72,050 & \\ \hline & \multicolumn{2}{|l|}{ Expenses-Exhibits } & 14,450 & \\ \hline & \multicolumn{2}{|c|}{ Expenses-Community Services } & 12,030 & \\ \hline & \multicolumn{2}{|c|}{ Expenses-General \& Administrative } & 180,210 & \\ \hline & \multicolumn{2}{|c|}{ Expenses-Fund Raising } & 110,630 & \\ \hline & \multicolumn{2}{|l|}{ Accounts Payable } & & 582,020 \\ \hline \multirow[t]{2}{*}{6} & \multicolumn{2}{|l|}{ Accounts Payable } & 488,700 & \\ \hline & Cash & & & 488,700 \\ \hline 7 & Expenses-Research Lib & rary & 4,770 & \\ \hline & Expenses-General \& A & dministrative & 2,990 & \\ \hline & Accrued Expenses & & & 7,760 \\ \hline 8 & Net Assets Released fr & om Restriction & 70,170 & \\ \hline & Cash-Temporarily Res & tricted & & 70,170 \\ \hline & (To release funds from & restricted into & assets) & \\ \hline & Cash-Unrestricted & & 70,170 & \\ \hline & Net Assets Released fr & om Restriction & & 70,170 \\ \hline & (To receive funds into & unrestricted fro & assets) & \\ \hline 9 & Investments & & 15,250 & \\ \hline & Investment Income & & & 15,250 \\ \hline 10 & Expenses-Circulating L & ibrary & 3,230 & \\ \hline & Expenses-Research Lib & rary & 2,871 & \\ \hline & Expenses-General \& A & dministrative & 2,584 & \\ \hline & Accumulated Deprecia & & & 8,685 \\ \hline 11 & Expenses-Exhibits & & 4,029 & \\ \hline & Expenses-General \& A & dministrative & 1,374 & \\ \hline \end{tabular} \begin{tabular}{l|r|r} \multicolumn{3}{|c|}{ Statement of Financial Position } \\ \multicolumn{1}{|c|}{ Assets } & Unrestricted & \multicolumn{1}{c|}{TemporarilyRestricted} \\ \hline Current Assets & & \\ \hline Cash & 353,580 & 110,450 \\ \hline Grants Receivable & 69,210 & \\ \hline Prepaid Expenses & 63,597 & \\ \hline Total & 486,387 & \\ \hline Investments (at market) & 1,027,250 & \\ \hline Land, Buildings, and Equipment & & \\ \hline Less: Accumulated Depreciation & 573,315 & \\ \hline Total Assets & 2,086,952 & 110,450 \\ \hline Liabilities and Fund Balances & & \\ \hline Current Liabilities & & \\ \hline Accounts Payable \& Accrued Ex. & 244,080 & \\ \hline Total & 244,080 & \\ \hline Long-term Debt & 216,000 & \\ \hline Fund Balances & 1,626,872 & 110,450 \\ \hline Total Liabilities and Fund Bal. & 2,086,952 & 110,450 \\ \hline \end{tabular} WILDHORSE LIBRARY Statement of Activities Unrestricted Temporarily Restricted Support \& Revenue Support Grants Gifts Total Support Revenue Service Fees Book Rentals and Fines Investment Income Total Revenue Net Assets Released from Restrict Total Rev, Gains, and Other Sup. Expenses Program Services Circulating Library Research Library Exhibits Community Service Total Program Service Support Services General and Administrative Fund Raising Total Support Services Total Expenses Increase (decrease) in Net Assets Fund Balance-Beginning of Year Fund Balance-End of Year