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The American Research Council for Humanities (ARCH) had the following financial events during the current year. Record the transactions of the organization in the transaction worksheet. Refer to the beginning balances in their accounts. - Transaction 1: January 12. Received a $300,000 payment from a pledge made last year. - Transaction 2: March 1. Paid out a $50,000 grant to the Governmental Archeological Research Committee for History. This was a new grant made in the current fiscal year. - Transaction 3: May 29. Paid a $5,000 deposit out of $15,000 for new cubicle partitions ordered on February 4. - Transaction 4: June 12. Collected $80,000 in new donations. - Transaction 5: September 1. Bought $60,000 of books ARCH has sponsored in the past to sell in its online bookstore. It paid half now, and still owes the other half, to be paid at the end of the year. ARCH has budgeted to sell the books for $100,000 total. - Transaction 6: October 15. The partitions ordered on February 4 arrived, and ARCH paid for the balance owed. For ARCH, record the remaining transactions of the year in the transaction worksheet ( $ in thousand). Continue with Transaction 7. - Transaction 7: November 10. Borrowed $75,000 from its bank on a note payable. - Transaction 8: December 5. Repaid $25,000 on the note payable and also $3,000 in interest expenses. - Transaction 9: December 28. Paid its employees $75,000 of wages in cash for the year, $70,000 of which was for the current year and $5,000 of which was for the outstanding balance owed. Employees earned $90,000 in wages for the year. - Transaction 10: December 31. Book sales from the internet bookstore totaled $110,000, and the cost of the books sold was $58,000. ARCH has not collected $12,000 of the sales. The balance owed for the inventory was paid. - Transaction 11: ARCH expects that of the $12,000 not collected to date, it will collect $10,000. - Transaction 12: December 31. Depreciation on ARCH's building for the year is $40,000