Exercise 10-13 (Algo) The Ombudsman Foundation is a private not-for-profit organization providing training in dispute resolution and conflict mana The Foundation had the following preclosing trial balance at December 31, 2020, the end of its fiscal year: Trial Balance-December 31, 2020 Debits Credits Accounts payable $ 24,800 Accounts receivable (net) $ 48,700 Accrued interest receivable 16,700 Accumulated depreciation 3,428,300 Cash 115,600 Contributed services 27,100 Contributions-no restrictions 2,410,000 Contributions-purpose restrictions 830,000 Contributions-endowment 2,786,400 Current pledges receivable 79,700 Education program expenses 1,602,200 Fund-raising expenses 122,900 Investment revenue-purpose restrictions 91,300 Training seminars expenses 4,743,100 Land, buildings, and equipment 5,853,800 Long-term investments 2,862,200 Management and general expenses 400, 600 Net assets without donor restrictions 483,600 Net assets with donor restrictions 2,039,000 Net gains on endowments - no restrictions 18,300 Noncurrent pledges receivable 390,200 Program service revenue - no restrictions 5,978,100 Post-employment benefits payable (long-term) 200,900 Reclassification-Satisfaction of program restrictions 267,400 Reclassification-Satisfaction of time restrictions 215,600 Reclassification-Satisfaction of program restrictions 267,400 Reclassification-Satisfaction of time restrictions 215,600 Research program expenses 1,296,800 Short-term investments 752, 100 Supplies inventory 33,200 Totals $18,800,800 $18,800,800 Required: a. Prepare closing entries for the year-end, using separate entries for each net asset classification. b. Prepare a Statement of Activities for the year ended December 31, 2020. c. Prepare a Statement of Financial Position as of December 31, 2020. Event Prepare closing entries for the year-end, using separate entries for each net asset classification. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) No General Journal Debit Credit 1 1 Reclassification to Net Assets without Donor RestrictionsExpiration of Time 215,600 Reclassification to Net Assets without Donor RestrictionsSatisfaction of Pro 267,400 Contributionswithout Donor Restrictions 2.410,000 Program Service Revenue-without Donor Restrictions 5,978,100 Net Gains on Endowment Investmentswithout Donor Restrictions 18,300 Contributed Services-without Donor Restrictions 27.100 Training Seminar Expense 4.743.100 Education Program Expense 1,602,200 Research Program Expense 1.296.800 Management and General Expense 400,600 Fund-Raising Expense 122.900 Net Assetswithout Donor Restrictions 447.300 X > 2 2 830,000 91,300 * O 215,600 Contributions to Programs-with Donor Restrictions Investment Revenue-with Donor Restrictions Reclassification from Net Assets with Donor RestrictionsExpiration of Time Reclassification from Net Assets with Donor RestrictionsSatisfaction of P Net Assetswith Donor Restrictions 267,400 438,300 Required A Required B > OMBUDSMAN FOUNDATION Statement of Activities For the Year Ended December 31, 2020 Net Assets Net Assets without Donor Total with Donor Restrictions Restrictions Revenues Program Service Revenue $ 5,978,100 $ 5,978,100 Contribution Revenues 2,410,000 830,000 3,240,000 Contributed Services 27,100 27,100 Investment Revenue 91,300 91,300 Net Gains on Endowment Investments 8,506,500 8,506,500 Net Assets Released from Restriction Satisfaction of Time Restrictions 215,600 (215,600) 0 Satisfaction of Program Restrictions 267,400 (267,400) 0 Total Revenues 17,496,000 347,000 17,843,000 Expenses Training Seminar Expenses 4,743,100 4,743,100 Education Program Expenses Research Program Expenses 0 Total Program Service Expenses 4,743,100 0 4,743,100 Fund-Raising Expenses 122,900 122,900 Management and General Expenses 400,600 400,600 Total Supporting Service Expenses 523,500 0 523,500 Total Expenses 5,266,600 0 5,266,600 Increase in Net Assets 523,500 347,000 X 870,500 Net Assets January 1 483,600 0 483,600 Net Assets December 31 $ 1,007,100 $ 347,000 $ 1,354,100 0 OMBUDSMAN FOUNDATION Statement of Financial Position As of December 31, 2020 Current Assets: Cash Short-term Investments Supplies Inventories Receivables: Accounts Receivable (net) Accrued Interest Receivable Pledges Receivable (net) 48,700 16,700 79,700 $ 145, 100 Total Current Assets Noncurrent Assets: Pledges Receivable (net) Long-term Investments Land, Buildings, and Equipment (net) > 390,200 2,862,200 5,853,800 9,106,200 $ 9,251,300 Total Noncurrent Assets Total Assets Current Liabilities: Accounts Payable S 24,800 $ 24,800 Total Current Liabilities Noncurrent Liabilities: Post-employment Benefits Payable > 200,900 200,900 225,700 S Total Noncurrent Liabilities Total Liabilities Net Assets: Without Donor Restrictions With Donor Restrictions 483,600 2,039,000 Total Net Assets Total Liabilities and Net Assets $ 2,522,600 $ 2,748,300