Hello I have to do from #5 to #14
Esteem Students of my Advanced Accounting course, herein instructions for the nonprofit organization's assignment. I. For your nonprofit organization choose a name, address, EIN, and purpose. Keep in mind that the goal of your non-profit must qualify under Section 1101.01 of PR's Internal Revenue Code. Remember you can't use religious activities or organizations. ll. The organization must have at least 2 activities or programs, for example, medical care and medical research (Activityr #1 and Activity #2). ill. Prepare a statement of activities for this organization for 2019 iv. Prepare a statement of financial position for this organization for 2019 v. Complete an Application for Tax Exemption under Enn+:nh '1'de \"'1 n; +l-1_n lunr-I-n n:r\\ I+rnlnn1rnnlln Section 1101.01 of the Puerto Rico Internal Revenue Code of 2011, as amended VI. OPTIONAL complete Application for Recognition of Exemption Under Section 501(c) (3) of the Internal Revenue Code VIl. During 2019, the organization has the following transactions: 1. Received unrestricted cash donations of $210,000. 2. Received restricted cash gifts of $50,000, used only for salaries of activity #2. 3. Paid wages of $80,000 with $20,000 of that amount coming from restricted funds (activities #2) 4. Bought equipment for $300,000 (FMV) with a long- term note signed for $250,000 and the remainder was donated by the seller. This equipment is 80% is used in Program #1 and 20% to Program #2. 5. Of this equipment, 80 percent is used in activity #1, 20 percent activity #2. 6. Received $100,000 from a donor that requests that the principal must never be used, but any income derive may be used at the organization's discretion. 7. Received investment income of $1,000 generated by the permanently restricted net assets. 8. Paid advertising of $2,000. 9. Received an unrestricted pledge of $100,000 that will be collected in three years. The organization expects to collect the entire amount. 10. Computed depreciation on the equipment acquired as $20,000. 11. Spent $3,000 on office supplies (activity #1) that are utilized during the year. 12. Paid $35,000 for rent for the year activity #1 13. Paid $15,000 for rent for the year activity #2 14. Received a donated painting that qualifies as a museum piece It has a fair value of $8 000