During fiscal year 19x5, the following transactions and events, stated in summary form, occurred.

1. Rentals collected in cash during the year totaled $480,000 ($40,000 of the total represented collection of rents receivable as of April 1, 19x4; $48,000 of the total represented rentals applicable to fiscal year 19x6). Rentals amounting to $30,000 that had been collected in fiscal 194 were earned in fiscal 195. In addition, rents amounting to $20,0000 that should have been collected in fiscal 19x5 were still receivable at year-end.

2. The accrued expenses as of April 1, 19x4, were paid in cash. Other cash disbursements during the year were for wages and salaries expense, $105,000; supplies and other operating expenses, $78,000 (all paid to external suppliers; and payments to the Recreation Center Operating Fund, $66,000 (this included the liability as of April 1, 194, and an advance on anticipated net income for fiscal 195). The payment was made during the year for mortgage interest (8% per annum) in the amount of $104,000 and mortgage principal in the amount of $46,000. Inventories of supplies are deemed immaterial and thus are not reported.

3. Accrued as of March 31, 19x5, were supplies and other operating expenses of $14,000. Depreciation on the building amounted to $78,000; depreciation on the equipment amounted to $5,000.

4. Closing entries were made in order to determine the liability to Recreation Center Operating Fund for net income for fiscal 195. An entry was also made to reclassify the current portion of Mortgage Payable as a current liability, assuming the total payment for principal and interest in fiscal 19x6 will be $150,000-the same as fiscal 19x5.

Complete the journal entries for these 4 transactions.

CITY OF MALCOLM Jeshua Malcoim Endowment Fund Balance Sheet As of March 31, 19x4 Assets Current Assets: Cash Rents Receivable \begin{tabular}{rr} $20,000 \\ 40,000 \\ \hline \end{tabular} Total Current Assets $60,000 Property and Equipment: Land Building Less: Accumulated Depreciation Equipment Less: Accumulated Depreciation Total Property and Equipment Total Assets $2,655,0002,595,000 Liabilities and Fund Equity Liabilities: Current Liabilities: Due to Recreation Center Operating Fund Accrued Supplies Expenses Deferred Rent Revenue Current Portion of Mortgage Payable \begin{tabular}{rr} $2,600,000 & \\ 300,000 & 2,300,000 \\ \hline 60,000 & \\ 5,000 & 55,000 \\ \hline \end{tabular} Total Current Liabilities Long-Term Debt: Mortgage Payable Total Liabilities Fund Equity: Fund Balance Torkal Ciabilities and Fund Fiqusm $17,00011,00030,00046,000 $104,000 1,358,0e1,254,000