Deer County Food Bank is a private, not-for-profit organization that provides free meals for the destitute in a large city. The following transactions took place in the accounts of Deer County Food Bank during 2020.

1. Restricted Cash gifts of $80,000 that were received last year (in cash) were spent on food (this year) in 2020.

2. Unrestricted Cash of $200,000 was received as a donation in 2020.

Additional Information: The January 1, 2020 balances from the Statement of Financial Position (balance sheet) were as follows:

a) Cash $700,000 (debit)

b) Net Assets Unrestricted By Donor $500,000 (credit)

c) Net Assets Restricted By Donor $200,000 (credit)

Required:

A) Prepare a Statement of Financial Position (balance sheet) as of December 31, 2020.