FINAL EVALUATION V&V is a non profit organization whose mission is to provide service and help the blind, deaf and mute. December 31, 2019, it presented the following ADJUSTED trial balance, before year end closing entries: 2019 Account 101 Description Cash Debit Credit 23 166 102 Accounts receivable 242 204 103 Allowance for doubtful accounts 1158 104 Prepaid expenses 4259 105 Property, plant & equipment 638 913 106 Accumulated depreciation 472 075 201 Bank loan 175 000 202 Accounts payable 279 840 203 Salaries and remittance payable 60 368 204 205 206 301 302 Miscellanous loans Current portion of long term debt Long term debt Invested in capital assets-opening Unrestricted-opening 428 516 45 339 716617 401 Government grants 402 Donations/contributions 403 Service revenue 404 Other revenues 48 395 105952 1067 190 102209 643 241 36 308 501 Salaries and remittance 1206 739 502 Professional fees 190 175 503 Rent 504 Depreciation 505 Traveling 506 Telecommunication 507 Office supplies 508 Insurance 509 Training 510 Bad debt 511 Marketing 512 Interest and bank fees 174 442 39 069 29 905 50 480 61 613 8354 16 958 1158 16 550 44 989 3465 591 3465 591 December 31, 2020, its following year end. V&V presents the following UNADJUSTED trial balance 2020 Account # Description 101 Cash 102 Accounts receivable 103 Allowance for doubtful accounts 104 Prepaid expenses 105 Property, plant & equipment Debit Credit 126 793 192 660 1 158 4461 638 913 106 Accumulated depreciation 201 Bank loan 202 Accounts payable 203 Salaries and remittance payable 472 075 25.000 559.072 23 754 204 Miscellanous loans 219 445 205 Current portion of long term debt 149 273 206 Long term debt 126 118 301 Invested in capital assets-opening 166 884 302 Unrestricted-opening 769 034 401 Government grants 794 809 402 Donations/contributions 176 109 403 Service revenue 647 127 404 Other revenues 44 643 501 Salaries and remittance 986 619 502 Professional fees 237 291 503 Rent 181 484 504 Depreciation 505 Traveling 20 726 506 Telecommunication 72.950 507 Office supplies 508 Insurance 509 Training 48 854 11213 6946 510 Bad debt 511 Marketing 512 Interest and bank fees 15 741 91-762 3 405 467 3405467 In 2020, the following activities occured and the related journal entries were not yet recorded as of December 31, 2020: 1- On March 19, 2020, V&V bought a new computer equipments for a total amount of 33 1535. This amount was internaly restricted for that particular purpose. 2- This computer equipment bought by V&V is depreciated using the straight line method over a period of 3 years. As of December 31, 2020, the computer equipment of 139135 as of December 31, 2019 (prior to the purchase of the new computer equipment in 1-) is fully 3- V&V got a confirmation of a provincial government grant of 125 000$ in September 2020. They estimate they will received a check for payment of the grant money in March 2021. There are no restriction on this grant 4- V&V estimated that 50 973$$ of their accounts receivable for 2020 have small chance of being recovered. 5- In February 2020, V&V received a promise for a donation of 10 000$ from its founder. It was paid cash to V&V in November 2020. There was no restriction on this donation. 6- V&V received a restricted contribution (donation) of 75 000$ on January 1, 2020 for building renovations that will increase its useful life. The renovation were completed January 31, 2020. ADDITIONAL INFORMATION Property, plant & equipment details as of December 31, 2012 is as follow Property, plant & equipment - 2019: Cost Computer equipment 13.913 Office equipment 50 000 Accumulated depreciation 10 280 36 944 Net Book Value Depreciation method Building 575 000 424 852 3633 13 056 150 148 Straight line-3 years Declining method-20% Declining method-4% 638 913 472 076 166 837 REQUIRED: A) B) C) Prepare V&V December 31, 2019 year end's balance sheet and income statement: Set up the listed T-accounts for 2020 and prepare journal entries related to the activities not yet recorded as of December 31, 2020: Journalized and post 2020's unrecorded journal entries into your T-accounts: D) Prepare the ADJUSTED trial balance as of December 31, 2020 E) F) G) H) Prepare comparative balance sheet, income statement and statement of change in net asset as of December 31, 2020 showing the comparative balances as of December 31, 2019 (first column for 2020 et and second column for 2019, for each statements). Take into account that the opening balance of Invested in capital assets in 2019 is 105 9525 (credit balance) and Unrestrited is 716 617 (debit balance) as outlined in the adjusted trial balance as of December 31, 2019 shown above. Prepare the net book value details of Property, plant and equipment on the same format as shown for 2019 in the unrecorded activity 7 above. Provide your answer in the same format. Using your comparative statements prepared in E), prepare the statement of cash flow as of December 31, 2020. You do not need to present the comparative figures as of December 31, 2019 in the cash flow statement After closing the accounts, prepare the closing trial balance as of December 31, 2020 (or the opening trial balance as of January 1, 2021)