INVOLVE was incorporated as a not-for-profit organization on January 1, 2023. During the fiscal year ended December 31, 2023, the following transactions occurred. 1. A business donated rent-free office space to the organization that would normally rent for $36,800 a year. 2. A fund drive raised $194,000 in cash and $118,000 in pledges that will be paid next year. A state government grant of $168,000 was received for program operating costs related to public health education. 3. Salaries and fringe benefits paid during the year amounted to $210,360. At year-end, an additional $17,800 of salaries and fringe benefits were accrued. 4. A donor pledged $118,000 for construction of a new building, payable over five fiscal years, commencing in 2025. The discounted value of the pledge is expected to be $96,060. 5. Office equipment was purchased for $13,800. The useful life of the equipment is estimated to be five years. Office furniture with a fair value of $11,400 was donated by a local office supply company. The furniture has an estimated useful life of 10 years. Furniture and equipment are considered net assets without donor restrictions by INVOLVE. 6. Telephone expense for the year was $7,000, printing and postage expense was $13,800 for the year, utilities for the year were $10,100 and supplies expense was $6,100 for the year. At year-end, an Immaterial amount of supplies remained on hand and the balance in accounts payable was $5,400. 7. Volunteers contributed $16,800 of time to help with answering the phones, mailing materials, and various other clerical activities. 8. It is estimated that 90 percent of the pledges made for the 2024 year will be collected. Depreciation expense is recorded for the full year on the assets recorded In Item 5 9. All expenses were allocated to program services and support services in the following percentages: public health education, 35 percent, community service, 30 percent, management and general, 20 percent, and fund-raising, 15 percent 10. Net assets were released to reflect satisfaction of state grant requirements that the grant resources be used for public health education program purposes. 11. All nominal accounts were closed to the appropriate net asset accounts. Required a.

Prepare Journal entries to record these transactions. Expense transactions should be Initially recorded by object classification, In entry 9, expenses will be allocated to functions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account fleld. Round the Intermediate and final answers to the nearest dollar amount.)

View transaction list Journal entry worksheet A B C D E F G H ..... 0 Record the business donation of rent-free office space that would normally rent for $36,800 a year. >

INVOLVE was incorporated as a not-for-profit organization on January 1, 2023. During the fiscal year ended December 31 , 2023, the following transactions occurred. 1. A business donated rent-free office space to the organization that would normally rent for $36,800 a year. 2. A fund drive ralsed $194,000 in cash and $118,000 in pledges that will be paid next year. A state government grant of $168,000 was recelved for program operating costs related to public health education. 3. Salarles and fringe benefits paid during the year amounted to $210,360. At year-end, an additional $17,800 of salaries and fringe benefits were accrued. 4. A donor pledged $118.000 for construction of a new building, payable over five fiscal years, commencing in 2025. The discounted value of the pledge is expected to be $96,060 5. Office equipment was purchased for $13,800. The useful iffe of the equipment is estimated to be five years. Office furniture with a fair value of $11,400 was donated by a local office supply company. The furniture has an estimated useful life of 10 years. Furniture and equipment are considered net assets without donor restrictions by INVOLVE. 6. Telephone expense for the year was $7,000, printing and postage expense was $13,800 for the year, utilties for the year were $10,100 and supplies expense was $6,100 for the year. At year-end, an immaterlal amount of supplies remained on hand and the balance in accounts payable was $5,400. 7. Volunteers contributed $16,800 of time to help with answering the phones, malling materlals, and various other clerical activities. 8. It is estimated that 90 percent of the pledges made for the 2024 year will be collected. Depreciation expense is recorded for the full year on the assets recorded in item 5. 9. All expenses were allocated to program services and support services in the following percentages: public health education, 35 percent, community service, 30 percent, management and general, 20 percent, and fund-raising. 15 percent 10. Net assets were released to reflect satisfaction of state grant requirements that the grant resources be used for public health educaton program purposes. 11. All nominal accounts were closed to the approprlate net asset accounts. Required a. Prepare journal entries to record these transactions. Expense transactions should be initally recorded by object classification; in entry 9 , expenses will be allocated to functions. (If no entry Is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round the Intermedlate and final answers to the nearest dollar amount.) ror $s0, ouu a year. INVOLVE wos incorporated as o not-for-profit orgonizotion on January 1, 2023, During the facal year ended December 31, 2023 , the following tronsections occurred. 1 A business donated rent-free office spoce to the orgonizotion thot would normally rent for $36,800 o year 2 A fund drive roised $194,000 in cosh ond $118,000 in pledges that will be poid next yesr. A state government grant of $168,000 wos recelived for progrom operating costs related to public heolsh educotion. 3. Solaries ond fringe benefits poid during the yeor omounted to $210,360. At yeor-end, on sdiditional $17,800 of salaries and fringe benefits were accrued. 4. A donor pledged $118,000 for construction of o new bulding. poyoble over five facal years, commencing in 2025. The discounted value of the pledge is expected to be $96,060. 5. Office equipment wos purchosed for $13,800. The useful life of the equipment is estimated to be five yeors, Office furniture with of fair value of $11,400 wos donated by a local office supply company. The fumiture hos an estimated useful life of 10 years. Furniture and equipment ore considered net ossets without donor restrictions by INVOLVE. 6. Telephone expense for the yeor wos $7,000, printing and postoge expense wos $13,800 for the yeor, utilities for the year were $10,100 and supplies expense was $6.100 for the year. At yeor-end, on immaterial amount of supplies remained on hand and the balance in accounts poyoble was $5,400 7. Volumteers contributed $16,800 of time to help with onswering the phones, maling moteriols, and variout other clerical octivities: 8. It is estimated that 90 percent of the pledges made for the 2024 yeor wil be collected. Depreciation expense is recorded for the full year on the ossets recorded in item 5 . 9. All expenses were ollocoted to progrom services and support services in the following percentoges: public haolth educotion, 35 percent, community service, 30 percent, monagement and generol, 20 percent, and fund-rolsing. 15 percent. 10. Net ossets were releosed to reflect satisfoction of stote gront requirements that the gront resources be used for public health education progrom purposes. 11. All nominal accounte were closed to the oppropriate net asset occounts. Required a. Prepore journal entries to record these trensections, Expense tronsections should be inticlly recorded by object classification in entry 9. expenses will be ollocoted to functions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round the intermedlate and final answers to the nearest dollar amount) Journal entry worksheet Record the business donation of rent-free office space that wauld normaliv rent: for $36,800 a year