Elizabeth College, a small private college, had the following transactions in fiscal year 2020. 1. Gross tuition and fees revenue totaled $5,600,000. Tuition waivers and scholarships of $346,000 were granted. Of the tuition waivers granted, $276,400 was for teaching assistantships, which is an instruction expense. 2. Students received tuition refunds of $101,670. 3. During the year, the college received $1,891,000 cash in unrestricted private gifts, $575,200 cash restricted for grants, and $1,000,000 in securities for an endowment. 4. A pledge campaign generated $1,090,000 in pledges. Of the amount pledged, $573,200 was for the capital construction campaign, $300,000 was for endowments, and the remainder of the pledges had no purpose restrictions. The pledges will all be collected in 2021. 5. Auxiliary enterprises provided goods and services that generated $94,370 in cash. 6. Collections of tuition receivable totaled $5,080,000. 7. Unrestricted cash of $1,000,000 was invested. 8. The college purchased computer equipment at a cost of $10,580. 9. During the year, the following expenses were paid: Instruction Academic support Student services Institutional support Auxiliary enterprises $3,566,040 1,987,000 87,980 501,130 92,410 10. Instruction provided $450,000 in services related to the restricted grant recorded in transaction 2. 11. At year-end, the allowance for uncollectible tuition and fees was increased by $7,200. The fair value of investments had increased $11,540; of this amount, $3,040 was associated with endowment investments and allocated to net assets with donor restrictions, with the remainder allocated to net assets without donor restrictions. Depreciation on plant and equipment was allocated $34,750 to instruction, $41,000 to auxiliary enterprises, and $12,450 to academic support. 12. All nominal accounts were closed. Required a-1. Prepare journal entries to record the foregoing transactions for the fiscal year ended June 30, 2020. a-2. Prepare closing entries for the fiscal year ended June 30, 2020. b. Prepare a statement of activities for the year ended June 30, 2020. Assume beginning net asset amounts of $7,518,000 without donor restrictions, and $5,200,000 with donor restrictions. Complete this question by entering your answers in the tabs below. Prepare journal entries to record the foregoing transactions for the fiscal year ended June 30, 2020. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list :X: N > A Record the tuition and fees receivable, the waivers and scholarships. B Record the tuition and fees refunds. C Record the receipt of cash and investment contributions. D Record the pledges generated, classifying into with donor restrictions. Credit E Record the revenue generated by auxiliary enterprises. F Record the collection of tuition and fees. G Record the investment made from unrestricted cash. Note : = journal entry has been entered Record entry Clear entry View general journal H Record the purchase of equipment. I Record the payment of expenses for the year. 1 Record the payment made towards instruction expenses. K Record the transfer of instruction expenses paid to the with donor restrictions net assets account. L Record the increase in allowance for uncollectible tuition and fees. M Record the increase in fair value of investments. N Record the depreciation expenses for the year. Note : = journal entry has been entered Prepare closing entries for the fiscal year ended June 30, 2020. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list :X A Record the closure of all nominal accounts. > B Record the transfer of contributions to net assets-with donor restrictions account. C Record the transfer of contributions to net assets-with donor restrictions account. D Record the entry to reclassify the net asset accounts. it Credit Note : -journal entry has been entered Reg A1 Reg A2 Req B Prepare a statement of activities for the year ended June 30, 2020. Assume beginning net asset amounts of $7,518,000 without donor restrictions, and $5,200,000 with donor restrictions. (Amounts to be deducted should be indicated with a minus sign.) ELIZABETH COLLEGE Statement of Activities Year Ended June 30, 2020 Without Donor Restrictions With Donor Restrictions Total Revenues and gains: Total Revenues and Gains Expenses and Losses: Educational and General Expenses: Total Educational and General Expenses Total Expenses and Losses Total Change in Net Assets Net Assets, Beginning of the Year Net Assets, End of the Year