Expenditures vs. Expenses The Hynes Museum, a small governmental museum, began operations on January 1, 2020, with $780,310 cash and $5,500,000 in artwork (does not need to be depreciated). In addition, they had a building worth $500,000 (40 years expected useful life, no salvage value) and land worth $40,000. They also had equipment with an expected useful life of 5 years with $5,000 salvage value. The equipment was worth $75,000, on which $40,000 was owed to Regional Bank. During its first year of operations, ending December 31, 2020, the Hynes Museum paid or accrued the following: 1. Bought office and art supplies worth $75,000 on account on 2/1/2020. Used $50,000 over the course of the year. (Hint: Just because you buy something, is it an expense and/or an expenditure?) 2. Debt service: a. Interest of 15% APR on the supply account as well as $20,000 of principle is paid every six months. b. Interest of 6% APR on the equipment note and $10,000 of principle is paid on 12/31/2020. 3. Salaries and other personnel costs: $250,000. 4. Fundraising costs: $600, paid with cash. 5. Utilities: $3,600 6. Depreciation recorded. Compute for the Hynes Museum, for the year ended December 31, 2020, its total expenses and expenditures. Use straight-line method of depreciation. Show all your work.